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Primark posts drop in full year sales and profit

Primark saw both its sales and profit decline in the year to 12 September after trading was heavily impacted by the effects of the coronavirus pandemic…. View Article

FASHION

Primark posts drop in full year sales and profit

Primark saw both its sales and profit decline in the year to 12 September after trading was heavily impacted by the effects of the coronavirus pandemic.

Sales in the first half of the year were 4% up on the same period in the previous year driven by an increase in selling space. However, sales declined in the retailer’s third quarter due to stores being closed during Covid-19 lockdowns. This led full year revenue to fall by 24% to just over £5.8 billion.

Meanwhile, Primark’s adjusted operating profit dropped by 60% to £362 million.

ABF said sales in the UK since the reopening of stores to the year-end were 12% lower on a like-for-like basis while sales in Europe and the US were down 17% and 10% respectively.

George Weston, ABF chairman, said: “Following a three-month closure, Primark delivered a robust performance, receiving an overwhelmingly positive response when it safely welcomed customers back to its stores. Uncertainty about temporary store closures in the short-term remains, but sales since reopening to the year end of £2 billion demonstrate the relevance and appeal of our value-for-money offering.”

Despite the ongoing effects of the pandemic, ABF said it is still expecting to add a net 0.7 million square feet of additional selling space in the next financial year. This will comprise 14 new stores with four in Spain, three in the US, two in Italy and one each in the UK, France, Netherlands and Poland. It will also be opening its first store in the Czech Republic in Prague.

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