UK: Primark forecasts 17% full-year sales growth
It said the "excellent result" was due to an increase in selling space and like-for-like sales growth, which it is forecasting to be 3% for the year.
"Trading this summer in the UK was particularly strong and sales in continental Europe remained buoyant. Trading in our newly opened stores exceeded expectations, and the opening of the new store in Berlin in July saw our most successful first day's sales ever," the company said adding that early sales of its autumn/winter range have been "encouraging".
Operating margins are expected to be close to last year's levels, even though the retailer recorded lower margins in the first-half as it absorbed higher cotton prices. It said margins improved in the second half, following the fall in cotton prices.
The company's consolidated second half results, which include its agriculture, grocery, ingredients and sugar operations, are expected to be "substantially ahead of last year and in line with expectations".
Featured reports from just-style's research store this week include company briefings on Arcadia, H&M and Next, a look at the trends in world textile and clothing trade, and global and regional trend...
Retailer Marks & Spencer has reported worse-than-expected Christmas trading figures, with a poor performance in its general merchandise business - which includes clothing and footwear - offsetting str...
UK value retailer Primark has recorded an "outstanding" first half performance, according to its owner Associated British Foods (ABF). ...
UK discount fashion retailer Primark has today (18 January) confirmed plans to open its first stores in France....
- When will Gap get back on track?
- Software solutions enhance speed and visibility
- Bangladesh factory safety progressing slowly
- Jason Denham raises the bar on denim innovation
- Portugal footwear makers underpin industry growth
- Q1 results in brief: Pacific Sunwear, Express
- China to reduce apparel import taxes
- Indonesian textile sector sees 6,000 lay-offs
- Cambodia garment factory strikes up 74%
- Vietnam garment staff return after faintings