Primark trading ahead of expectations
Primark owner Associated British Foods has said trading at the fashion retailer in its new financial year has been ahead of expectations with improved like-for-like sales compared to the fourth quarter in the previous period.
In an AGM trading update, the company said the fashion retailer is managing disruption in its supply chain by prioritising the most in demand products.
Giving an update on the impact of rising Covid-19 cases around the world, ABF said public health measures taken to date in its markets mainly include restrictions in trading hours in the Netherlands and the requirement for vaccine passes in Germany, although the retailer has had to close its five stores in Austria.
Meanwhile, Primark’s margin in the year to date has been ahead of expectations.
Looking ahead, ABF said it expects Primark sales to be significantly better than those in the comparable period in the previous financial year, from December 2020 to April 2021, when its store estate was largely closed .
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