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 press ahead with expansion plans

Primark owner Associated British Foods has reported that sales at the fashion retailer rose by 7% at constant currency in the 40 weeks to 18 June driven by increased selling space.

GENERAL MERCHANDISE

Primark to press ahead with expansion plans

Primark owner Associated British Foods has reported that sales at the fashion retailer rose by 7% at constant currency in the 40 weeks to 18 June driven by increased selling space.

However, like-for-like sales in the last 16 weeks were adversely affected by “unpredictable weather patterns”, with an especially cold April followed by a return to more seasonal weather in May.

Primark’s retail selling space has increased by 0.8 million square feet since the beginning of the financial year and at 18 June there were 310 stores trading from 12 million square feet of retail selling space.

During its third quarter Primark opened 11 new stores in the UK, France, Portugal, Italy, Germany, the Netherlands and the US. It said the relocation of its UK warehouse capacity from Magna Park to Islip in Northamptonshire is expected to be completed by September.

Commenting on the EU referendum in the UK, ABF added: “The UK referendum decision to leave the EU has created uncertainty in the business environment and financial markets.

“Sterling has weakened significantly since the referendum vote. In our next financial year, these rates would have both positive and negative effects on profit.”

The company said there would be an adverse transactional effect on the profit margin on Primark's UK sales, which currently account for half of its turnover. However, its plans for Primark's expansion remain unchanged.

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