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Primark’s revenue up 19 per cent

Over the last year Primark’s revenue rose 19 per cent or 12 per cent currency-neutral. On a comparable week basis currency-neutral sales were 14 per cent with comp sales up just one per cent.

On the back of all this, Primark’s adjusted operating profit rose seven per cent (up three per cent currency-neutral) but the adjusted operating profit margin dropped to 10.4 per cent from 11.6 per cent. Even with challenges, Primark is hugely profitable and able to drive sales despite the volatile trading conditions. The chain performed particularly well in the UK over the past year with sales 10 per cent on a comparable basis and its share of the total clothing market up significantly.

After a good first half, trading in the third quarter was strong in the lead-up to Easter and trading in the fourth quarter was equally strong, driven by the ability of buying, merchandising and design teams to identify and deliver key seasonal trends.

Sales in continental Europe were 16 per cent ahead currency-neutral. Of Primark’s top 20 stores by sales density, 15 are now in continental Europe including seven in its newest markets of France and Italy. Primark is unique among mega-sized retailers in not selling online.

 
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