AB Foods Expects Higher Loss of Sales Amid New Coronavirus Restrictions
01 January 2021 - 12:30AM
Dow Jones News
By Matteo Castia
Associated British Foods PLC said Thursday that it now expects
loss of sales of around 650 million pounds ($885.6 million) due to
store closures amid the latest set of coronavirus restrictions.
The company had previously forecast loss of sales of GBP430
million due to store closures for fiscal 2021.
The British conglomerate said 253 stores of its clothing
business Primark, representing 64% of its total retail selling
space, will be temporarily closed as of Jan. 1.
Shares at 1255 GMT were down 36 pence, or 1.6%, at 2,264
pence.
Write to Matteo Castia at matteo.castia@dowjones.com
(END) Dow Jones Newswires
December 31, 2020 08:15 ET (13:15 GMT)
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