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Bloomberg
Associated British Foods Plc said sales at budget-clothing retailer Primark picked up during the first half but are still below pre-pandemic levels as omicron deterred some shoppers from leaving their homes.
Primark’s sales are expected to rise more than 60% in the six months through March 5, AB Foods, which also owns grocery, agriculture and sugar businesses, said. The chain’s operating margin is forecast to rebound to 11%.
Primark has been hurt more than some rivals by European lockdowns and restrictions around Covid because the chain lacks an online business to fall back on. Primark said it plans to cut 400 jobs to reduce costs.