THE RETAIL BULLETIN - The home of retail news
Lest we forget
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
Interviews
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
Primark achieves strong full year performance in UK

Primark owner Associated British Foods has reported that the fashion retailer’s full year revenue was 5% ahead of the previous year at constant currency, although like-for-like sales were down 2.1%.

FASHION

Primark achieves strong full year performance in UK

Primark owner Associated British Foods has reported that the fashion retailer’s full year revenue was 5% ahead of the previous year at constant currency, although like-for-like sales were down 2.1%.

Sales reached £7.4 billion while adjusted operating profit rose by 13% to £843 million in the year to 15 September.

ABF said Primark’s UK performance in the period was particularly strong with total sales up 5.3% and like-for-likes rising by 1.2%.The company said the retailer benefited from good sales of its summer ranges which meant that markdowns were lower than expected. 

Sales in the Eurozone were 4.7% ahead of last year at constant currency while like-for-like sales fell by the same percentage. ABF said the decline in like-for-likes was driven by unseasonable weather in northern Europe and by soft trading in a weak German market. However, sales growth was especially strong in France, Belgium and Italy.  

ABF said it was it was pleased with Primark’s performance in the US where it opened its ninth store in July.

During the year, Primark increased its retail selling space by a net 0.9 million square feet with 15 net new stores. This has brought the total estate to 360 stores.

Michael McLintock, ABF chairman, said: “Primark has the potential for growth in all of its existing markets, and the opening of Birmingham Pavilions next year, at 160,000 square feet, will make it our largest store. In the medium term our plans to add further stores in the US, and to enter a number of markets in central and eastern Europe, should support our current rate of selling space expansion.”

Across the wider ABF group, which includes sugar, ingredients, agriculture and grocery businesses, group revenue rose by 1% to £15.6 billion while statutory operating profit edged up 1% to £1.34 billion.

George Weston, ABF chief executive, added: "This was another year of progress for the group. Looking ahead, management have clear plans for further investment and for pursuing opportunities for business improvement."

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 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
The HR Summit 2019
The HR Summit 2019
Tuesday 8 October 2019
The Cavendish Conference Centre, London W1
The 11th HR Summit 2019, The Cavendish Conference Centre, London W1, 8 October 2019
AI in Retail Conference 2019
AI in Retail Conference 2019
16 October 2019
Cavendish Conference Center, 22 Duchess Mews, London W1G 9DT
Retail marketing is changing pace rapidly by making communication across all platforms personalised, relevant, efficient, and helpful. AI not only helps shoppers find a perfect product but also pre-empts the shopping behaviour and speeds up payment.
Payment Roundtable 2019
Payment Roundtable 2019
6 February 2019
The Cavendish Conference Centre, 22 Duchess Mews, London W1G 9DT
The Retail Bulletin Payment Roundtable will raise debate and discussion centred on but not exclusive to improving the in-store payment process