Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Revenues surge at Primark

Primark’s parent company Associated British Foods has announced that revenue at the value retailer grew by 12% on a comparable basis in the 24 weeks to 4 March 2017.

Sales were up 11% on last year at a constant currency, helped by a strong performance in the UK and an increase in selling space. Operating margin declined slightly as forecast, due to the weakness of the sterling against the dollar and Primark’s commitment to keeping prices low.

Chief executive of ABF George Weston said the impact of the strong pound would continued to be felt throughout the second half of the year due to less “advantageous” currency exchange rates but added that Primark’s buying and merchandising teams had been working to reduce the effect on margins. 

Primark has increased retail selling space by 0.8m sq ft since the end of the last financial year, including five new stores in the UK and the expansion of its Oxford Street flagship. 

 

 

 

 

 

Tags

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.