Penneys to sell 2020 autumn winter stock in 2021

Penneys intends selling last year's autumn winter clothes this year after selling out on all the 2020 spring summer stock held back to 2021.

Confirmation that year old styles would be on the shelves is revealed in a statement which advises of possible delays in getting the items to shops between now and the end of 2021.

The retail giant, which is owned by Associated British food, has said stock delays are due to port and container freight disruptions but that sales of its autumn and winter ranges have started well.

"Sales of our autumn/winter ranges have started well and, as families look ahead to autumn, our back-to-school ranges

started strongly with demand for our great value essentials such as children’s t-shirts and socks.

"Inventory at Primark during the last lockdown increased by some £400m above our normal levels. Following the

reopening of all our stores, inventory levels have returned to normal and all spring/summer inventory brought

forward from last year has been sold and the autumn/winter inventory held over from last season will be sold in the

coming months.

"We are experiencing some delays to the handover of some autumn/winter inventory caused by

port and container freight disruptions. These delays are expected to reduce the inventory at the year end by some

£200m compared to expectation with a corresponding increase in cash on hand.

"We are experiencing some delays to the handover of some autumn and winter inventory caused by port and container freight disruptions, these delays are expected to reduce the inventory at the year-end by some £200m compared to expectation with a corresponding increase in cash on hand," it said.

A statement said retail sales in the second half of this financial year are expected to be some £3.4bn.