CLOTHES SHOPS HIT BY VIRUS FALL-OUT

FASHION chains suffered a stock market battering yesterday as the fall-out from the coronavirus crisis spread.

Shares in trainer and fashion retailer JD Sports plunged 18% and Next slumped by more than 7% because fewer shoppers are venturing out.

The owner of fast fashion giant Primark said UK sales are down. Associated British Foods has closed all Primark stores in Italy, France, Spain and Austria.

John Bason, ABF’s finance boss, said: “There is no doubt that all clothing retailers are seeing lower demand. Peoples’ immediate priorities are in other areas.”

Trading in ABF’s shares was halted at around 9am yesterday after inexplicably falling 100% to 0.01p. It’s believed a City trader hit the wrong button on their computer, so-called fat-finger error.

ABF shares closed down 5.2% at 1739p.

The shutdown of Primark stores on the continent comes just as its suppliers in China, where the outbreak started, have now reopened.

ABF also makes grocery brands including Silver Spoon sugar, Kingsmill bread and Twinings tea.

Bason said it had seen a spike in sales of Allison flour in recent weeks, as more people are deciding to bake their own loaves. Asked if he had ever experienced anything like this, Bason said: “No I haven’t. I think these are unusual times.”

Among the few FTSE 100 whose shares rose yesterday were Sainsbury’s and Ocado amid growing panic buying.

SHUT Primarks in four countries

The owner of »

holiday money giant Travelex has warned it could go bust.

Finablr, whose chief executive has resigned, was hit by a ransonsware attack on Travelex last year and has faced disruption from the coronavirus outbreak.

In a stock market announcement, it said: “As a result of the foregoing events, the board is unable accurately to assess the financial position of the company and there is a material uncertainty about the Group’s ability to continue as a going concern.” a