(Reuters) - British retail chain Primark has shut down 20% of its store space and will not provide a full-year forecast due to the impact of the coronavirus pandemic, its owner Associated British Foods (L:ABF) said on Monday.
The company had expected sales of 190 million pounds ($234.59 million) from the stores over the next four weeks and said they would stay shut until governments permit them to re-open.
"The remainder of the estate, including the UK which represents 41 percent of sales, has seen like-for-like sales declines over the last two weeks and these have accelerated over the past few days as a result of reduced footfall," the company said.
Shares in the company were down 5.1% at 1,741.5 pence.
AB Foods, which sources more than 40% of Primark's product from China, said most factories supplying to the chain had re-opened and it expects minimal supply shortages from the country.
The company said it had not seen a material impact in its sugar, grocery, ingredients and agriculture businesses, but added that it doesn't expect to recoup the sales lost because of store closures.
AB Foods also raised its forecast for first-half adjusted operating profit, mainly due to higher margins for its Primark and grocery businesses.