Primark sales jump in first-quarter results
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Associated British Food (ABF) has reported a 4% increase in group revenue for the 16 weeks ended 4 January 2020, driven by strong trading from Primark over the festive period.
Primark saw sales increase by 4.5% compared with the same period last year, and the group said the sales growth was due “almost entirely” to the increase in selling space.
Additionally, the retailer reported improved like-for-like performance, which was driven by a “marked upturn in the Eurozone”.
In the UK, sales increased by 4%, driven by a strong contribution from new selling space, with a “marginal” decline in like-for-like sales for the period.
Primark said it expects to add a net 0.9 million sq ft of additional selling space in the current financial year.
It comes after Primark saw profits top £900m in 2019. George Weston, chief executive of ABF, said at the time: “The group delivered a resilient performance this year, with strong profit growth from grocery and Primark, which more than offset the profit decline in sugar.”
