Irish fashion chain Primark has finally announced another like-for-like turnover growth in its third quarter, its first in 18 months. Low prices and good weather helped the chain outperform expectations.
Strong result in the United Kingdom
Primark’s third quarter performance did take advantage of the Easter holiday, which was part of the second quarter in the year prior to that. Third quarter turnover grew 16 % (at level exchange rates) and 21 % if the exchange rates are part of the equation.
The chain mainly performed well in the United Kingdom, where turnover in its first three quarters grew 9 % - prompting parent company AB Foods to announce Primark was still gaining market share in its home market. Primark’s turnover in the first three quarters also grew 13 % across all countries, partially thanks to like-for-like turnover growth, but also because it continued to expand its store network.
The chain’s floor space grew another 120,000 sqm in its first quarter, up to 1.26 million sqm across 339 stores. In the third quarter alone, it opened another ten stores, including one in Belgium, two in the Netherlands and two in the United Kingdom. By the end of the year, Primark hopes to open another four stores in the United Kingdom and one in Italy.