Primark sales return to pre-Covid levels
Primark has seen its sales return to pre-Covid levels after it benefited from an increase in footfall following the easing of Covid related restrictions.
In the year to 17 September, the fashion retailer’s total sales climbed by 43% to £7.7 billion while adjusted operating profit increased by 81% at constant currency to £756 million.
The retailer’s UK like-for-like sales are now back in line with pre-Covid levels after customers returned to major high streets in the year and sales densities in stores in larger cities were boosted by return of commuter traffic and the growth of tourism.
Looking ahead, Primark owner Associated British Foods said it has decided not to increase the retailer’s prices despite rising inflation.
George Weston, chief executive of Associated British Foods, said: “Substantial and volatile input cost inflation will be the most significant challenge in the new financial year, and our businesses will continue to seek to recover these higher costs in the most appropriate way.
“Primark has faced significant input cost inflation and sharply moving currency exchange rates. We have decided to hold prices for the new financial year at the levels already implemented and planned and to stand by our customers, rather than set pricing against these highly volatile input costs and exchange rates.”
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