Penneys owner to unveil sales slump after months of closures

Clothing giant stand firm on its bricks and mortar strategy and avoided launching an online store

In February, the retailer said just over one-fifth of its stores - 77 sites, primarily in the US - were still able to trade due to lockdown restrictions. Picture: Gareth Chaney/Collins

Penneys owner Associated British Foods (ABF) is set to unveil a slump in sales and profits after the high street giant was hammered by the latest coronavirus lockdown. 

The company is expected to reveal that it missed out on £1.1bn (€1.27bn) in sales over the six months to February as a result of further enforced closures to its stores, in an update to investors on Tuesday.