Primark's UK like-for-like sales are back to pre-Coivd levels

The value fashion retailer, which has stores in Gloucester and Cheltenham, recorded a 136 per cent rise in its adjusted operating profit to £756 million for the year to September 17, as reported by Retail Gazette.

Primark's UK sales were 48 per cent ahead of the same comparable period in 2021. And total sales were also up 43 per cent to £7.7 billion against a comparable 52-week period the previous year.

The retailer said its share of the UK clothing market was also "broadly in line" with pre-pandemic levels.

Primark owner Associated British Foods has pledged not to bring in further price rises on this year's autumn/ winter and spring/ summer ranges.

It said the decision is in Primark's best interests and support its 'core proposition of everyday affordability and price leadership'.

Despite the rise in sales, it expects Primark's adjusted operating profit margin for next year to be below eight per cent, but is focused on returning to profits of 10 per cent in the future, as consumer confidence improves.