New stores push Primark growth

In the first quarter of its financial year, Primark has again achieved growth. In some areas there was a like-for-like decrease, but that was compensated for by new stores.

More stores

Primark’s Q1 turnover went up 3.0 %, which was partly hampered by exchange rate fluctuations. Without these, growth was 4.5 %. The British turnover growth of 4.0 % came fully courtesy of an increase in retail space, but there was a minimal like-for-like decrease, the chain says in a trading update. Primark had a particularly strong November and December, unlike many other stores who had an awful end-of-year in the United Kingdom.

In the rest of Europe, turnover went up 5.1% (exchange rate fluctuations): both the store count increase and an organic growth were part of these good results.

Primark now has 376 stores worldwide, totalling 1.47 million sqm in retail area. In the last twelve months, 65,000 sqm was added to that total. In the current financial year, the Irish chain wants to add eighteen more stores, including branches in Czechia, Poland and Slovakia.