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Primark full year like-for-likes ahead 7%

Primark is forecasting to post like-for-like sales of 7% for the full year to September 12, driven by strong sales at its UK stores.

Associated British Food, which owns Primark, said that full year sales and profits at the value fashion chain would be well ahead of the previous year.

It added that Primark’s strong performance was down to its “strong competitive position, its highly appealing merchandise and better weather than last year”.

However, Primark reiterated that operating profit margin would be lower than last year, due to the opening of its new UK distribution centre as well as sterling’s weakness against the dollar.

Primark will have 191 stores, giving it 5.9 million square foot of trading space by the year end, up 9% on the previous year.

This includes new stores in Spain, Germany and Portugal. The retailer said its stores in continental Europe has performed well but added that it was “early days for Germany and Portugal”.

 

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