Primark full year like-for-likes fall following unseasonable weather
Primark owner Associated British Foods has said like-for-like sales at the fashion retailer are expected to fall by 2% in the year to 17 September due to unseasonable weather, particularly warm weather in the pre-Christmas period and a very cold March and April.
In a pre-close trading update, the company said total sales are expected to be 9% ahead of last year at constant currency as Primark’s trading figures are boosted by its new store opening programme. As a result of the weakening of sterling, sales at actual exchange rates are expected to be 11% ahead.
ABF said its business in Ireland has delivered a strong performance throughout the year while Spain, France and Austria have all traded well. Trade in the Netherlands and Germany has improved while the UK saw “good” trading in periods of more typically seasonal weather.
During the year, Primark will have opened a net 1.2 million square feet of selling space, bringing the total estate to 315 stores and 12.3 million square feet at the financial year end.
New stores this year include the retailer’s first store in Italy, at Arese northwest of Milan, a 135,000 square foot Spanish flagship on Gran Via in Madrid, three stores in each of France and the Netherlands, seven in the UK, four stores in the northeast of the US and a store in each of Germany, Portugal and Austria.
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