Primark expects like-for-like sales dip in FY results

Clothes retailer Primark, which is owned by Associated British Foods (AB Foods), has revealed it expects a 2% decline in like-for-like sales for the year to 14 September 2019.

Despite this, sales for the full year are expected to be 4% ahead of last year at constant currency and actual exchange rates, driven by increased selling space.

Sales growth in the fourth quarter also increased, driven by an “improvement” in like-for-like performance, and AB Foods said Primark has “performed well” in the UK where sales in the total clothing, footwear and accessories market have been “weak”.

A statement by the AB Foods read: “We continued to deliver a significant gain in market share, with sales growth of 3% and a like-for-like sales decline of 1%. Sales growth was driven by a strong contribution from new selling space.

“We have been encouraged by our customers’ reaction to our new store in Birmingham High Street which showcases our full product range and new food and beverage and beauty services.”