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Primark ‘outperforms’ as sales and profits rise

Primark autumn 19

Primark’s revenue rose 4.2% to £7.8bn for the year to 14 September, driven by its ongoing store expansion.

Primark opened 14 new stores during the year, increasing its selling space by 900,000 sq ft. This included the opening of its largest store to date, in Birmingham.

However, like-for-like sales were down 2% overall and 1% in the UK.

Total sales in the UK grew 2.5% and Primark said the performance of its clothing, footwear and accessories categories continued to “outperform” its competitors – including those online.

In Europe, sales grew 4.8% and in the US Primark reported that it had “significantly reduced” its operating loss. Further expansion is planned in the US market, with two new stores set to open in 2020.

Overall, the value retailer’s adjusted operating profit rose by 8% year on year to £913m.

Its operating margin improved to 11.7%, from 11.3% last year, thanks to favourable fluctuations in the value of the dollar, tighter stock management and better buying practices.

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