As country emerges from the quarantine Primark announced that it will open its stores in Britain this month. Parent company Associated British Foods (ABF) wants to be able to receive customers in all English stores of the clothing chain in two weeks time. Primark is still awaiting government approval for its stores in Wales, Scotland and Northern Ireland. Primark opened stores in the European Union in early May.
With the reopening of the English stores, Primark has reclaimed 79 percent of all retail space. That is now about 34 percent. The reopening schedule is faster than Primark expected. This should ensure that the company will receive considerably more money in the second half of the year.
Primark calls sales in stores that have already opened “both reassuring and encouraging.” Parent company ABF lost £ 650m, about € 723m, per month when all Primark stores closed. Primark had previously had to write off on unsold clothing. The company now has £ 1.5 billion in inventory.
The ABF branch that sells breakfast cereals is doing better than expected. The sugar branch is struggling again.