PRIMARK owner Associated British Foods (ABF) has revealed a slump in profit for the past year after the enforced closures of its high-street stores.
It reported that operating profit slid by 40 per cent to £810 million for the year to September 12 after being weighed down by lower revenues.
ABF's retail business saw sales for the year slump 24 per cent to £5.9 billion, although the group reported an 11 per cent fall in revenues to £13.9bn as it hailed solid performances in its grocery, sugar and ingredients arms.
The grocery division reported "another year of strong profit" with supermarket sales jumping in the latter half of the year as shoppers stocked up on groceries.
It hailed tea business Twining Ovaltine as an "outstanding growth story" after strong shopper demand for tea during lockdown helped to buoy profits.
The group's Silver Spoon, Jordan's, Dorset Cereals, Ryvita and AB World Foods business all performed strongly in the second half of the year, benefiting from increased demand for store-cupboard essentials.
The update came as new lockdown restrictions have been announced across Europe which will see its stores in England shut their doors temporarily from Thursday.
ABF said the new restrictions will have a "significant" impact on Primark, although it still expects sales and profits at the retailer during the current financial year to be higher.
In a separate update on Monday, it warned that the latest closures are expected to result in a £375m loss of sales ahead of the key Christmas period.
