Primark's profit and turnover up more than 10 % | RetailDetail

Primark's profit and turnover up more than 10 %

Primark's profit and turnover up more than 10 %

Irish Primark's operational profit has grown 11 % in the first half of its fiscal year, reaching 322 million pounds (450 million euro). Turnover even grew 15 % in the same time frame, to 2.5 billion pounds (3.5 billion euro).

Like-for-like turnover stable

Including exchange rate fluctuations, turnover still grew 12 %. Growth was mainly achieved thanks to an 11 % increase in store space: the company's like-for-like turnover remained level compared to the year before. New store openings in the Netherlands and Germany have cannibalized sales, as like-for-like turnover would have grown 3 % if both countries were excluded.

 

In the 6 months leading up to 28 February 2015, Primark added 10 stores to its network, which now entails 287 stores. Four of those new stores opened in the Netherlands, where floor space grew an astonishing 60 %.

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