THE RETAIL BULLETIN - The home of retail news
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 to post strong increase in half year sales

Primark owner Associated British Foods has said that half year sales at the fashion retailer are expected to be 11% ahead of last year at constant currency, driven by increased retail selling space, and 21% ahead at actual exchange rates.

FASHION

Primark to post strong increase in half year sales

Primark owner Associated British Foods has said that half year sales at the fashion retailer are expected to be 11% ahead of last year at constant currency, driven by increased retail selling space, and 21% ahead at actual exchange rates.

In a pre-close trading statement for the half year to 4 March, the company said Primark performed well in the UK with like-for-like sales expected to be 2% ahead of last year. Like-for-like sales for the group will be level but when a decline in the Netherlands due to a rapid increase in selling space is excluded, like-for-like sales will rise by 1%.

Markdowns were in line with the first half last year. As previously forecast, Associated British Foods expects Primark’s operating profit margin in the first half to decline, mainly as a result of the strength of the US dollar on input costs.

During the period, retail selling space increased by 0.8 million square feet. At 4 March 2017, 329 stores will be trading from 13.1 million square feet.

Some 16 new stores were opened including relocations in Reading and Sheffield and new UK stores in Carlisle, Stafford, Truro, York and Colchester. New shops were also launched in Ireland, Mallorca, Germany, France, Italy and The Netherlands. The company also opened its sixth store in the US in Burlington, Massachusetts.

In addition, Primark’s store at the Tottenham Court Road end of Oxford Street in London was extended by almost 40%, increasing square footage to 114,000 square feet.

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
Digitally native competitors and demanding customers are forcing a new perspective in retail. AI and machine learning can help you step up to the challenges; and some ‘small and beautiful’ solutions can increase your conversion rates within just a few weeks.
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