First-half profits halve for Penneys owner on Covid-19 hit

Penneys, which does not trade online, saw its adjusted operating profit slump 90% to €50m.

The Penneys clothing store during the Covid-19 Coronavirus pandemic in Dublin's city centre. Picture: Gareth Chaney/Collins

Associated British Foods reported a halving in first-half profit after Covid-19 lockdowns shuttered its Penneys and Primark fashion stores.

Adjusted profit before tax fell to £319m (€370m) for the six months to Feb 27 from £636m (€737m) a year earlier, said the group, which also owns major sugar, grocery, agriculture and ingredients businesses.