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Primark Vs Boohoo Becomes Case Study About Need for Online
- Lockdowns wipe out $1.4 billion of Primark’s revenue
- Boohoo raises sales outlook while Tesco reports online gains
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Discount fashion chain Primark is becoming a case study in how bad it can get for retailers that have no e-commerce business to fall back on during the pandemic.
Primark, which only runs brick and mortar stores, said Thursday that the latest lockdowns in Europe may cost it more than 1 billion pounds ($1.4 billion) in lost sales. That contrasts with online-only rival Boohoo Group Plc, which raised its revenue forecast for a second time, predicting growth of as much as 38%.