Primark is expected to report a 21% jump in first half operating profits tomorrow, which will offset declines in other parts of its parent business Associated British Foods.
The fast fashion retailer, which has been ABF’s jewel in the crown in recent results, is expected to have seen total sales climb 13%, on the back of around a 12.2% increase in floor space over the 24 weeks to March 1, according to analysts. Like-for-likes are tipped to have grown 4%.
“The highlight of the briefing will be the Primark story,” said Numis analyst Chris Pick.
“Broadly flat earnings of £497m should mask very conflicting trends across divisions,” added Jefferies analyst James Grzinic. “We assume very strong progress at Primark, major profit shortfalls in sugar and solid growth in grocery and ingredients.”