March 23, 2020 / 7:54 AM / 13 days ago

BRIEF-Associated British Foods Closes All 376 Primark Stores

March 23 (Reuters) - Associated British Foods PLC:

* ASSOC.BRITISH FOODS - COVID-19 UPDATE

* AB FOODS - AS AT 16 MARCH 2020, PRIMARK STORES REPRESENTING 20 PERCENT OF SELLING SPACE AND 30 PERCENT OF SALES WERE CLOSED.

* AB FOODS - ALL 376 STORES IN 12 COUNTRIES ARE NOW CLOSED UNTIL FURTHER NOTICE. THIS REPRESENTS A LOSS OF SOME £650M OF NET SALES PER MONTH

* AB FOODS - HAVE ALSO REGRETTABLY INFORMED SUPPLIERS THAT WE WILL STOP PLACING NEW ORDERS.

* AB FOODS - WE ARE MAKING GOOD PROGRESS IN ALSO REDUCING FIXED COSTS FOLLOWING DISCUSSIONS WITH COUNTERPARTIES

* AB FOODS - HAVE NOT SEEN A MATERIAL IMPACT IN SUGAR, GROCERY, INGREDIENTS AND AGRICULTURE BUSINESSES.

* AB FOODS - WE CURRENTLY ESTIMATE BEING ABLE TO RECOVER SOME 50 PERCENT OF TOTAL OPERATING COSTS

* AB FOODS - TO MANAGE PRIMARK STOCK WE HAVE ALSO REGRETTABLY INFORMED SUPPLIERS THAT WE WILL STOP PLACING NEW ORDERS

* AB FOODS - REITERATE THAT IN AGGREGATE, WE HAVE NOT SEEN A MATERIAL IMPACT IN OUR SUGAR, GROCERY, INGREDIENTS AND AGRICULTURE BUSINESSES Source text for Eikon: Further company coverage:

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