Primark owner Associated British Foods (ABF) has posted a sharp decline in profit for the full year as store closures during the coronavirus lockdown decimated sales.
Read more: Primark warns of £375m sales hit due to second lockdown
ABF posted revenue of £13.9bn in the year to 12 September, down 12 per cent on 2019.
Statutory pre-tax profit slumped 42 per cent to £686m.
Basic earnings per share tumbled 48 per cent to 57.6p.
Net debt including lease liabilities stood at £2.1bn.
Why it’s interesting
ABF’s full-year figures highlight the extent of the damage caused by coronavirus after the company was forced to shutter its shops during lockdown.
The group’s decline in revenue was mainly driven by its performance in the third quarter, when Primark sales were wiped out for the period.
The company said it cut costs by 50 per cent by reducing capital expenditure and making