The new Primark store at Downtown Crossing in Boston on Sept. 8, 2015.
Associated British Foods on Tuesday reported a halving in first-half profit, hurt by Covid-19 lockdowns which shuttered its Primark fashion stores.
The group, which also owns major sugar, grocery, agriculture and ingredients businesses, said it made adjusted profit before tax of 319 million pounds ($446 million) for the six months to Feb. 27, down from 636 million pounds reported for the same period of its 2019-20 year.
Group revenue fell 17% to 6.3 billion pounds driven by the loss of retail sales as a consequence of the trading restrictions placed on Primark.
Primark's adjusted operating profit slumped 90% to 43 million pounds.
Associated British Foods
Downtown Crossing, Boston