Primark‘s parent company, Associated British Foods, describes the 16 weeks ending January 3 as “a challenging period.” The United Kingdom performed better, but continental Europe lagged behind and higher discounts weighed on margins.
UK and Ireland gain ground
Total sales rose by 1% in the past quarter, but like-for-like sales fell by 2.7%. In the UK, however, Primark recorded “encouraging” growth of 3%, with like-for-like growth of around 1.7% “in a difficult clothing market, especially around Christmas.” The company “gained market share during the period” and performance in women’s fashion was “particularly strong.” Including Ireland, there was 2% growth.
