UPDATE 2-AB Foods shuts Primark stores over coronavirus and sales fall [Reuters]
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Source: Reuters
UPDATE 2-AB Foods shuts Primark stores over coronavirus and sales fall * 74 Primark stores in Italy, France, Spain, Austria closed * Sales in rest of Primark estate down over last two weeks * Other businesses not impacted materially by virus * Shares down 11.6%, rivals’ share prices also lower (Adds detail, FD comment) By James Davey and Tanishaa Nadkar March 16 (Reuters) - Associated British Foods has been forced to close 74 Primark fashion stores in continental Europe due to government measures to combat coronavirus, while sales have fallen in those still open, it said on Monday. Shares in AB Foods, which also owns major sugar, grocery, ingredients and agriculture businesses, slid 13% by 1108 GMT after it also said it could not provide earnings guidance for the full 2020-21 year due to the uncertain outlook. Rivals’ share prices also fell sharply - Marks & Spencer was down 17.4% and Next was down 11.9%. “There is no doubt that all clothing retailers are seeing lower demand...Peoples
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