Primark benefits from weaker British economy

Primark benefits from weaker British economy

Irish fashion chain Primark takes full advantage of the weak British economy, which prompted its parent company AB Foods to adjust its full-year forecast. The chain will also continue its expansion plans.

Weak pound

AB Foods forecasts Primark’s full-year (ending on 16 September) turnover to grow 13 % prior to exchange rate fluctuations. Including those, turnover could even grow more than 20 %. A large part of that turnover growth is thanks to new store openings: in the past fiscal year, Primark opened thirty stores, a trend that will continue into the new fiscal year with at least nineteen store openings. Germany, France and the United Kingdom will be the focal point.


The company is also one of the few fashion brands to take advantage of the brexit and the effect it had on the British economy. Plenty of consumers are now conscious about their expenses and turn their attention to discounters. AB Foods expects the UK full-year like-for-like turnover to grow 4 %. AB Foods also generates a lot of its profit abroad and the weak pound leaves more of that intact now.

Questions or comments? Please feel free to contact the editors

Gerelateerde items

Zooplus grows 20 % in third quarter


Animal web shop Zooplus’ third quarter turnover grew 22 % to 277 million euro, continuing the solid growth from its first quarters.

Fnac Darty grew 6 % in third quarter


Fnac Darty’s third quarter turnover grew 6 % to 1.792 billion euro, with growth in the Benelux as well. The company also revealed the integration of both companies is ahead of schedule.

Small growth for Metro in 2016/2017


Metro’s preliminary results show that the German retailer has achieved a 1.6 % growth in its 2016/2017 fiscal year. Even on a like-for-like basis, there was still a slight growth: Metro itself considers it to be a successful year.

Tepid summer leads to weaker ice cream sales for Unilever


The past summer was not one with a lot of hot days and that has had its effect on Unilever’s ice cream sales. The division’s sales therefore slumped 6.7 %.

Difficult third quarter for Carrefour


Carrefour’s quarterly results illustrate the major challenges the current CEO and his team face, especially in Western Europe. Belgian like-for-like turnover also dropped.

Sainsbury’s will cut 2,000 jobs


British supermarket chain Sainsbury’s is to cut about 2,000 jobs in the United Kingdom, aiming to save up to 500 million pounds (560 million euro) in an attempt to compete with discounters.

Back to top