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Primark sales performance boosted by new store openings

Associated British Foods has said it expects full year total sales at its Primark fashion chain to be 4% ahead of last year. In a pre-close… View Article

FASHION

Primark sales performance boosted by new store openings

Associated British Foods has said it expects full year total sales at its Primark fashion chain to be 4% ahead of last year.

In a pre-close trading update covering the 52 weeks to 14 September, ABF said the growth had been driven by increased selling space. This was partially offset by a 2% decline in like-for-like sales, although the group said Primark’s trading improved in its fourth quarter.

Primark achieved sales growth of 3% in the UK but like-for-like sales declined by 1%.

Sales in the Eurozone were 5% ahead of last year at constant currency after the retailer saw strong sales growth in Spain, France, Italy and Belgium. However, like-for-like sales fell by 3% following weak trading in Germany.

ABF said Primark’s US business delivered strong sales growth driven by “excellent “trading at its recently opened Brooklyn store. Primark will open its tenth US store at American Dream in New Jersey this autumn. This will be followed by the launch of a new shop at Sawgrass Mills in Florida in 2020.

Looking ahead, ABF said: “Our full year outlook for the group is unchanged, with adjusted earnings per share expected to be in line with last year. Strong profit performances this year from Primark and grocery are expected to be offset by the anticipated decline in AB Sugar.”

ABF said it has been encouraged by customers’ reaction to its new Primark store in Birmingham which features a range of cafes and beauty services.

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