THE RETAIL BULLETIN - The home of retail news
Lest we forget
HOME
Department Stores
Electricals
Entertainment
Fashion
Food & Drink
General Merchandise
Health & Beauty
Home & DIY
Interviews
Newsletter
Property
Shopping Centres & Retail Parks
Sports & Leisure
RETAIL INSIGHTS
RETAIL SOLUTIONS
• Omnichannel Futures Conference 2020
• Online Conversion Summit 2020
• Future of Retail Marketing 2020
• The HR Summit 2020
• AI in Retail Conference 2020
ABOUT
CONTACT
SUBSCRIBE FOR FREE
Primark full year sales to be 5.5% up on last year

Primark owner Associated British Foods is expecting the fashion retailer’s full year sales to be 5.5% ahead of last year at constant currency. In a pre-close… View Article

FASHION

Primark full year sales to be 5.5% up on last year

Primark owner Associated British Foods is expecting the fashion retailer’s full year sales to be 5.5% ahead of last year at constant currency.

In a pre-close trading statement, the company said the uplift has been driven by an increase in selling space which was offset by a 2% decline in like-for-like sales.

ABF said Primark performed well in the UK where full year sales will be 6% ahead of the previous year. Although stores in Spain, Portugal and Italy performed well, like-for-like sales across the group were held back by a fall in northern Europe where unseasonable weather impacted trade.

During the year, Primark opened five new stores in Germany, four in the UK, two in France and one each in Portugal, Belgium, Spain, Netherlands and the US.

The company said operating margin for the full year will be approximately 11% compared to 10.4% in the prior year.

Looking ahead to next year, ABF said Primark has secured forward exchange contracts against all merchandise for the autumn/winter season. It added: “Assuming that spring/summer is secured at current exchange rates we would expect the operating margin in Primark to be in line with this year at 11%. However, the exchange rate applicable to sales in the second half will be sensitive to sterling exchange rate volatility which is likely to arise given a period of intense Brexit negotiations.”

In the new financial year Primark will add one million square feet of selling space, with more than half of that being added in the first half. Part of the expansion plans will include moving to new premises at Birmingham Pavilions, which at 160,000 square feet will be its biggest store in its entire estate.

 

 

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Omnichannel Futures Conference 2020
Omnichannel Futures Conference 2020
5 February 2020
Cavendish Conference Centre, 22 Duchess Mews, London W1G 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Online Conversion Summit 2020
Online Conversion Summit 2020
April 30 2020
The Hallam Conference Centre, London W1W 6JJ
The Retail Bulletin Online Conversion Summit 2020 Partnered by IMRG
Future of Retail Marketing 2020
Future of Retail Marketing 2020
9 June 2020
Hallam Conference Centre, 44 Hallam St, London W1W 6JJ
The Future of Retail Marketing for Customer Engagement
The HR Summit 2020
The HR Summit 2020
1 October 2020
Hallam Conference Centre, London W1W 6JJ
Company values, collaboration with employees and driving a major HR transformation to create a truly omnichannel experience, need to be at the heart of the organisation's culture and brand
AI in Retail Conference 2020
AI in Retail Conference 2020
14 October 2020
Hallam Conference Center, 44 Hallam Street, London W1W 6JJ
CONFERENCE AIMED AT RETAILERS WORKING IN MARKETING, IT, DIGITAL, DATA AND TECHNOLOGY