Big rise in sales for Primark
By Sarah Wood | 13th September 2023
The owner of Primark has raised its profit outlook for the second time this year.
Associated British Foods (ABF) said sales were better than expected following the "unusually variable and unseasonable weather" this summer, as reported by Retail Gazette.
Sales at Primark, which has stores in Gloucester and Cheltenham, are expected to rise 15% to £9bn in the 52 weeks to September 16, with like-for-like sales up 9%.
The retailer said strong sales were due to "selective price increases, well received ranges and strongly performing new stores".
Like-for-likes sales in the UK are forecast to increase 11% year-on-year, ahead of the 8% increase in Europe.
Fourth quarter sales are expected to be 15% higher, with UK sales up by 8% and Europe sales increasing by 18%, due to the August heatwave.
ABF made £1.4bn profit last year and expects profits for the current year to come in ahead of that figure.
Meanwhile, Primark is calling for a crackdown on shoplifting. The retailer said it is currently experiencing a record number of shoplifting cases and assaults on workers.
Primark is introducing bodycams for staff, and increasing its CCTV and security guards, but want to see judges and magistrates take incidents more seriously.
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