Expansion creates growth for Primark, as like-for-like turnover drops

Irish fashion chain Primark has managed an 11 % turnover increase in the past fiscal year, while its operational profit grew 2 % to 686 million pounds (770 million euro).

More than 1 million square meters

Primark’s total turnover in the past fiscal year grew to 5.95 billion pounds (6.66 billion euro), entirely thanks to its major expansion plans: on a like-for-like basis, turnover dropped 2 %. Its number of stores grew a lot over the past year, from 293 to 315, and store space worldwide went up to 1.15 million square meters.

However, despite the positive news, the bad weather and careful consumer behaviour have resulted in a weaker performance in its important markets like the United Kingdom and Germany. On the other hand, Spain, France and Austria did perform well. Primark also feels the effects of the Brexit, but is not bothered by it too much, because about half of its turnover comes from outside of the United Kingdom. Nevertheless, the company does expect a larger impact in the upcoming fiscal year.