UK: Store openings and warm weather boost Primark Q3 sales
Primark increased its year-on-year selling space by 1m sq ft in the quarter
An increase in selling space and warmer weather pushed sales up for UK value fashion retailer Primark in its third-quarter.
In the three months ended 21 June, sales grew 22% at constant exchange rates bringing the year-to-date sales increase to 17%.
This was driven by like-for-like sales growth, a further increase in retail selling space and superior sales densities in Primark's new stores. Strong like-for-like sales growth benefited from the warm weather, and built further on strong trading in May and June last year.
Operating margin remained in line with the first half, benefiting from warehouse and distribution efficiencies and lower freight rates.
Primark increased its year-on-year selling space by 1m sq ft in the quarter, from 9m last year. The retailer opened three stores in the quarter in the suburbs of Paris, in addition to Cologne in Germany, Nijmegen in The Netherlands, Logrono in Spain and Canterbury in the UK.
The group said its plans to open its first stores in the north east of the US towards the end of 2015 remain on track.
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