Primark hit by unseasonably warm weather
Unseasonably warm weather in October last year has reportedly taken a toll on the sales of Primark, the Ireland-based fashion retailer. However, the retailer – owned by Associated British Foods (ABF), is hopeful to report growth in sales during the second half of this year with improved profit margins.
John Bason, CFO of AFB, said: “With growth like that for Primark, which is the largest volume player in the market and up against online competitors, we obviously are doing something right. The newly opened shops allowed Primark to note a 9% surge in the first half of its fiscal, in particular. It is being said that despite the Fall decline, the retailer’s sales will surge by 1% for the 16 weeks period to March 3. Record sales during the week before Christmas 2017 bolstered growth. Primark is widely present across Europe and is now expanding in the United States as well. It is focused on increasing its store range. Presently, it has 170+ stores in the UK, and in Ireland and Western Europe as well. Reportedly, Primark will launch new outlets this year as well: 1 in Milton Keynes, a new outlet in Kent, and in Birmingham as well.