- Primark Q4 underlying sales seen down 17% on two-year basis
- UK sales hurt by ‘pingdemic’
- Group still raises full year profit forecast
- Shares down 3.4%
LONDON, Sept 13 (Reuters) – Sales at fashion retailer Primark fell short of management expectations in its latest quarter, hit by public health restrictions in major markets to control the fast-spreading Delta coronavirus variant.
Shares in owner Associated British Foods (ABF.L) were down 3.4% at 0859 GMT after it forecast Primark’s like-for-like sales in its fourth quarter to Sept. 18 were down 17% on the same period two years ago. That was after a 3% increase in the third quarter when stores reopened from pandemic lockdowns.
Primark’s two biggest markets, Britain and Spain, were particularly badly hit.
Britain suffered in late June and early July from