UK: Primark in 15% FY profit and revenue hikes
- FY adjusted operating profit up 15% to GBP356m
- Revenue up 15% to GBP3.503bn
- Like-for-like sales growth of 3%
Clothing retailer Primark – part of Associated British Foods (ABF) – has posted double-digit increases in full-year operating profit and revenues, boosted by “particularly strong” summer trading in the UK.
ABF said the rises were also driven by increases in retail selling space, and added that sales in continental Europe remained “buoyant”.
“Trading in 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.
The year saw Primark add 19 new stores, adding 0.9m sq ft of selling space and bringing its total roster of outlets to 242.
Highlights of the year included expansion in Iberia and the opening of four large stores in Germany.
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