Primark had a surprisingly merry Christmas

Irish fashion discounter Primark has seen its turnover grow 4 % in the fourth quarter as Christmas sales went surprisingly well.

 

+ 5 % in Europe

In 2018's last quarter, Primark sold 4 % more as it raised its number of stores in Europe and the United States: the Irish retailer ended the year with 364 stores and a considerable increase in store surface. However, like-for-like turnover did slightly recede. The European market brought in 5 % more turnover, mostly due to growth in Belgium, France and Italy. German market circumstances were difficult according to Primark. In Spain there was also some improvement despite the weak market.

 

On the British market, growth was only 1 %, but Primark is still doing better than many competitors and others in the industry, who have had the worst Christmas since the beginning of the crisis in 2008. The Christmas period has surpassed expectations, says CFO John Bason in the Financial Times: Christmas came at a challenging time for retailers, but the numbers show that Primark emerged victorious.

 

The success comes from