New Primark stores help buck retail trend
By Sarah Wood | 9th September 2019
Discount fashion retailer Primark is on course to report annual sales and profit growth, despite the consumer confidence crisis which continues to plague the high street.
In a statement preceding its annual results for the year to 14th September, Primark's owner Associated British Foods (ABF) said it expects to see a four per cent rise in total sales for Primark, as reported by Sky.
On a like-for-like basis, sales were two per cent down in stores open for more than a year. But this was offset by the opening of 14 new stores, including the company's new flagship Birmingham store.
ABF admitted the fall in sales at Primark's older stores, including Cheltenham and Gloucester, reflected the tough market conditions amid economic uncertainty over Brexit.
The company reported its full year outlook was unchanged, with profits from Primark and its grocery business "expected to be offset by the anticipated decline" in its sugar business.
Copyright 2019 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.