Primark H1 sales rise 19% to £4.2bn
The group has announced that it will be expanding its click-and-collect offering to 32 London stores over the summer
Associated British Foods (ABF), Primark’s parent company, has revealed that sales rose at the high street fashion retailer by 19% to £4.2bn in the half-year ended 4 March 2023.
According to ABF, Primark’s adjusted operating profit also reached £351m with a margin of 8.3%, due to strong like-for-like sales that were driven by price and volume.
As a result, the group has announced that it will be expanding its click-and-collect offering to 32 London stores over the summer.
Primark also announced an expansion in the US, including a new warehouse to be built in the Southern states of North America.
Meanwhile, ABF announced that there will be a restructuring and growth plan for Germany, despite adjusted operating profit at the owner company falling by 3% to £684m.
George Weston, CEO of ABF, said: “We were very pleased with the improvement in Primark sales, which recovered strongly from the second half of the last financial year and drove operating profit margin up to 8.3%, higher than we had expected.
“Primark has been very successful in this period in attracting new customers with its proposition of good quality merchandise combined with price leadership and well invested stores.”
He added: “We have had a very strong contribution from new stores opened in the period, and today we are announcing plans for the development of our Primark business in southern states of the US.”
