Monday, 26 February 2018

Sales at Primark took hit by warm autumn weather

Sales at Primark took a hit in autumn following a spell of warmer than usual weather, but the fashion chain expects profit growth to pick up this year.

Like-for-like sales - which ignore new stores - at the chain are set to fall 1% in the 24 weeks to 3 March.

Primark's owner, Associated British Foods (ABF), said sales were hit by "unseasonably warm weather" in October.

However, it says profit growth is set to accelerate in the second half of the year, partly due to the weaker dollar.

As well as the UK, Primark operates across Europe and has been expanding in the US.
Despite sales falling across Primark as a whole, like-for-like sales in the UK were up 4% where the chain performed "very well", ABF said.

The company also said underlying sales at Primark rose 1% in the 16 weeks to 3 March, and the chain saw record sales in the week before Christmas.

BBC       News.