Facebook with Latestnigeriannews  Twieet with latestnigeriannews  RSS Page Feed
Home  |  All Headlines  |  Punch  |  Thisday  |  Daily Sun  |  Vanguard   |  Guardian  |  The Nation  |  Daily Times  |  Daily Trust  |  Daily Independent
World  |  Sports  |  Technology  |  Entertainment  |  Business  |  Politics  |  Tribune  |  Leadership  |  National Mirror  |  BusinessDay  |  More Channels...

Viewing Mode:


  1.     Tool Tips    
  2.    Collapsible   
  3.    Collapsed     
Click to view all Entertainment headlines today

Click to view all Sports headlines today

Cut-price apparel retailer Primark predicts that store closures during COVID-19 will cost it $1.4 billion

Published by Business Insider on Thu, 14 Jan 2021

<p><img src="https://static1.businessinsider.com/image/600022f1fe7e140019f7edde-2400/GettyImages-1230252042.jpg" border="0" alt="GettyImages 1230252042" data-mce-source="David Cliff/NurPhoto via Getty Images"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Store closures could cost British fast-fashion giant Primark 1.05 billion ($1.43 billion) in lost sales, parent company Associated British Foods (AB Foods) <a href="https://www.abf.co.uk/media/news/2021/trading_update_jan_2021">announced Thursday</a>.</p><p>More than three in four of the retailer's 389 stores are currently closed, AB Foods said. This included all 190 stores in the UK, as well as all its sites in Germany, Ireland, the Netherlands, Portugal, and Austria. Its 11 stores in the US remain open.</p><p>Under current lockdown rules, <a href="https://www.businessinsider.com/boris-johnson-says-england-going-back-in-national-coronavirus-lockdown-2021-1">all non-essential stores in England must remain closed</a> until at least mid-February, Prime Minister Boris Johnson said last week. Other countries have implemented similar measures in response to surging COVID-19 cases.</p><p>If stores that are currently closed remain shut until February 27, the total lost sales caused by temporary closures during the pandemic could reach about 1.05 billion ($1.43 billion), AB Foods said.</p><p>In December, prior to England's new national lockdown being announced, it had estimated this figure at 650 million ($887 million).</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/bed-bath-beyond-ceo-ecommerce-digital-sales-2021-1'r=gd-sub">Mark Tritton is bringing his digital learnings from Target to Bed Bath &amp; Beyond and leading the company through a major e-commerce overhaul aimed at fending off competitors like Amazon</a></em></p><p>Primark, which <a href="https://www.businessinsider.com/primark-low-prices-justify-no-online-shopping-2020-6">shuns online sales in favor of bricks-and-mortar stores</a>, reported falling sales in the previous quarter.</p><p>In the 16 weeks to January 2, Primark's sales were down 30% year-on-year, AB Foods said. It attributed this to lockdown measures both in the UK and its international markets, ranging from restricted trading hours to compulsory store closures.</p><p>The company noted that when stores were open, "trading was strong given the circumstances," with a 14% drop in like-for-like sales compared to the same period the previous year.</p><p>But performance varied between stores, AB Foods said. Sales at its stores in retail parks were up year-on-year, while mall and large city-center stores fared worse because fewer commuters and tourists visited them, it said.&nbsp;</p><p>Primark isn't the only British apparel retailer struggling during the pandemic.</p><p>Topshop owner <a href="https://www.businessinsider.com/arcadia-group-administration-topshop-philip-green-covid-19-2020-12">the Arcadia Group fell into administration</a> in late November, putting more than 13,000 jobs at risk. Its CEO blamed compulsory store closures during the UK's national lockdowns.</p><p>The next day, British department store chain <a href="https://www.businessinsider.com/debenhams-liquidation-job-losses-risk-2020-12">Debenhams said it would close all of its 124 stores as it enters liquidation</a>, with 12,000 jobs at risk.</p><p><strong>SEE ALSO:&nbsp;<a href="https://www.businessinsider.com/sex-toy-sales-boomed-covid-19-lockdown-ann-summers-data-2020-12" >Sales of sex toys have boomed during lockdownand people are getting kinkier than ever, according to Ann Summers data</a></strong></p><p><a href="https://www.businessinsider.com/primark-covid-sales-lockdown-store-closures-14-billion-2021-1#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/worlds-most-expensive-liquid-thoroughbred-horse-semen-2020-3">Why thoroughbred horse semen is the world's most expensive liquid</a></p>
Click here to read full news..

All Channels Nigerian Dailies: Punch  |  Vanguard   |  The Nation  |  Thisday  |  Daily Sun  |  Guardian  |  Daily Times  |  Daily Trust  |  Daily Independent  |   The Herald  |  Tribune  |  Leadership  |  National Mirror  |  BusinessDay  |  New Telegraph  |  Peoples Daily  |  Blueprint  |  Nigerian Pilot  |  Sahara Reporters  |  Premium Times  |  The Cable  |  PM News  |  APO Africa Newsroom

Categories Today: World  |  Sports  |  Technology  |  Entertainment  |  Business  |  Politics  |  Columns  |  All Headlines Today

Entertainment (Local): Linda Ikeji  |  Bella Naija  |  Tori  |  Pulse  |  The NET  |  DailyPost  |  Information Nigeria  |  Gistlover  |  Lailas Blog  |  Miss Petite  |  Olufamous  |  Stella Dimoko Korkus Blog  |  Ynaija  |  All Entertainment News Today

Entertainment (World): TMZ  |  Daily Mail  |  Huffington Post

Sports: Goal  |  African Football  |  Bleacher Report  |  FTBpro  |  Kickoff  |  All Sports Headlines Today

Business & Finance: Nairametrics  |  Business Insider  |  Forbes  |  Entrepreneur  |  The Economist  |  BusinessTech  |  Financial Watch  |  BusinessDay  |  All Business News Headlines Today

Technology (Local): Techpoint  |  TechMoran  |  TechCity  |  Innovation Village  |  IT News Africa  |  Technology Times  |  Technext  |  Techcabal  |  All Technology News Headlines Today

Technology (World): Techcrunch  |  Techmeme  |  Slashdot  |  Wired  |  Hackers News  |  Engadget  |  Pocket Lint  |  The Verge

International Networks:   |  CNN  |  BBC  |  Al Jazeera  |  Yahoo

Forum:   |  Nairaland  |  Naij

Other Links: Home   |  Nigerian Jobs