By Matteo Castia

Associated British Foods PLC said Thursday that it now expects loss of sales of around 650 million pounds ($885.6 million) due to store closures amid the latest set of coronavirus restrictions.

The company had previously forecast loss of sales of GBP430 million due to store closures for fiscal 2021.

The British conglomerate said 253 stores of its clothing business Primark, representing 64% of its total retail selling space, will be temporarily closed as of Jan. 1.

Shares at 1255 GMT were down 36 pence, or 1.6%, at 2,264 pence.

Write to Matteo Castia at matteo.castia@dowjones.com

(END) Dow Jones Newswires

December 31, 2020 08:15 ET (13:15 GMT)

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