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Primark has reported a 7.9% increase in sales to £3.3bn for the 16 weeks ending 6 January 2024.
The sales increase was attributed to “slow start” given the unseasonably warm weather, and “strong Christmas trading”. Like-for-like sales grew by 2.1% driven by higher average selling prices.
Primarks owner, Associated British Foods, said that sales of womenswear and menswear were “strong” particularly in performance wear, leisure and tailored clothing and in its Rita Ora collection.
In the UK, total sales in the period rose by 4.5% with like-for-like sales up by 3.8%. Following the period’s early warm weather challenges, sales “grew strongly” in the run-up to Christmas.
In Europe excluding the UK, total sales in the period rose by 8.1%, with like-for-like sales up by 1.3%. Sales in the US grew by 45% in the period driven by new store openings.
In a trading update, ABF said: “We feel more confident in the delivery of the Primark adjusted operating margin in this financial year, driven by a further improvement in product gross margin. This should insulate us well against potential additional costs of supply due to the disruption in the Red Sea should they arise.”
