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Primark sales up 4% as profit rises

Primark owner Associated British Foods has said that sales at the fashion retailer rose by 4% in the 16 weeks to 5 January and that profit was “well ahead” of the corresponding period in the previous year.

FASHION

Primark sales up 4% as profit rises

Primark owner Associated British Foods has said that sales at the fashion retailer rose by 4% in the 16 weeks to 5 January and that profit was “well ahead” of the corresponding period in the previous year.

The company said the growth was driven by increased retail selling space which was partially offset by a “modest” decline in like-for-like sales.

Sales in Primark’s UK business were 1% up on the previous year. While like-for-like sales increased in September and October, sales in November were impacted by reduced footfall. Meanwhile, sales over the Christmas trading period exceeded expectations.

Primark’s sales in the Eurozone rose by 5% in the period at constant currency. The best growth was seen in France, Belgium and Italy, although trading was more difficult in Germany.

ABF said sales in the US were “well ahead” of the previous year and that the retailer enjoyed strong trading at its Brooklyn store.

Primark opened four new shops in the period in Seville and Almeria in Spain, Toulouse in France and Berlin in Germany. In addition, the retailer relocated to larger premises in Harrow and extended its Merry Hill store. 

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