Primark sales decline ahead of ABF demerger in December

Summarised from City AM's report · Updated 3 Nov, 08:58 · Archive

Primark's like-for-like sales fell 2.6 per cent in the year to September amid weak consumer confidence.

Primark's like-for-like sales fell 2.6 per cent in the year to September as Associated British Foods works to separate the retailer ahead of its December demerger. Continental Europe, accounting for 47 per cent of Primark's sales, was worst hit with a 4.7 per cent decline. ABF told shareholders the retailer faced a 'challenging consumer market' and was at an earlier stage in its commercial recovery and development of brand, marketing and digital capabilities in Europe.

Primark's UK and Ireland sales grew 0.5 per cent for the year overall, though like-for-like sales fell 0.1 per cent in the second half, suggesting a slowdown in consumer spending. ABF's overall pre-tax profit was £1.3bn, 10 per cent lower than the previous year, dragged down partly by losses at its sugar arm. Primark has announced it will roll out home delivery for the first time and is working to improve its womenswear offering and UK presence.

Read the report

• Primark sales slip ahead of ABF exit in ‘challenging’ backdropPrimark has seen its sales slip as its owner, Associated British Foods, races to shape up the fast-fashion retailer ahead of its exit from the group next year. Like-for-like sales at the retailer slipped by 2.6 per cent in the year to September, dragged down by “weak” consumer confidence and less advanced turnaround efforts in [...]City AM · 3 Nov, 07:40

In this story: Primark · Associated British Foods · Continental Europe · UK · Ireland

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