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....
- MYANMAR SNAPSHOT: Textile and apparel industry
- Alliance members buy more products from Bangladesh
- ANALYSIS: New pricing strategy pays off for Nike
- Clothing seen as central focus for new Tesco CEO
- Change management key to PLM project success
- Crystal Group improves worker communication
- Columbia Sportswear fined for mislabelled clothing
- “Made in USA” company rapped for deceptive claims
- Accord still struggling to engage industry bodies
- VF Corp books "solid" Q2 performance
- Global market review of denim and jeanswear – forecasts to 2020
- Management briefing: Sourcing shifts: Changes and challenges
- Ethiopia – the emerging textile and clothing industry
- Plunkett's Apparel & Textiles Industry Almanac 2014: Apparel & Textiles Industry Market Research, Statistics, Trends & Leading Companies
- American Eagle Outfitters, Inc. : Reacting to a need for change