Primark sales rise despite winter
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Primark sales and profits are on the rise as the UK-headquartered fast-fashion retailer shrugged off a chilly northern winter.
Parent Associated British Foods (ABF), says Primark achieved a 7 per cent increase in revenue for the first half year and a 4 per cent improvement in profit, despite on the coldest winters on record in Europe.
However, the growth was all down to a growing European store network, with like-for-like sales down a marginal 1.5 per cent.
The retailer plans to open new stores at Westfield and Burnley and seven more outside the UK as it continues to grow both its footprint and its market share.
Questions & Answers
Q.Did Primark's existing stores perform well during this period?
Did Primark's existing stores perform well during this period?
No, like-for-like sales were actually down by a marginal 1.5 per cent. The overall revenue growth was solely due to the expansion of its European store network, rather than increased sales at individual established branches.
Q.Where does Primark plan to open new stores in the UK?
Where does Primark plan to open new stores in the UK?
Primark plans to open new stores in the UK at Westfield and Burnley. These openings are part of the retailer's strategy to expand its physical footprint and increase its market share.
Q.How did the cold winter weather impact Primark's financial results?
How did the cold winter weather impact Primark's financial results?
Despite one of Europe's coldest winters on record, Primark managed to increase both its revenue and profit. The article states it 'shrugged off' the chilly northern winter, indicating it did not significantly hinder their financial performance.
Q.What was the growth in Primark's revenue and profit for the first half year?
What was the growth in Primark's revenue and profit for the first half year?
Primark achieved a 7 per cent increase in revenue and a 4 per cent improvement in profit for the first half year. This growth contributed to the parent company Associated British Foods' overall performance.