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Profits up at Primark

Revenues at Primark have risen by 6% to £7.5bn for the year to 15 September 2018, while profits jumped by 15% to £843m.

The revenue rise was driven by an increased amount of selling space, which offset a 2.1% drop in like-for-like sales.

UK sales rose by 5.3%, and like-for-like sales were up 1.2%. This was attributed to strong summer sell-through and lower markdowns than expected.

European sales fell 4.7% on a like-for-like basis, driven by unseasonable weather in Northern Europe.

Primark also has nine US stores, and two more are planned to open by 2020.

During the next year, Primark plans to add a total of 1m sq ft of additional selling space in the UK, France, Germany, Spain – this will include 15 new stores. In 2019, Primark’s first store in Slovenia will open. The Eastern European market is a focus for future growth.

 

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