Primark forecasts 13% first half sales growth

Primark is set to see a 13% increase in first half sales, according to its parent company, Associated British Foods (ABF).

The expected growth has been driven by a 4% increase like-for-like sales and strong sales densities in the larger new stores, the firm said.

At the same time, new store openings have added 8% more selling space since the last half year.

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Like-for-like sales in the first eight weeks of the financial year were held back by unseasonably warm weather and strong comparatives in the previous year, but the rest of the period saw excellent trading including the Christmas period, said ABF.

Operating profit margin is now expected to be higher than in the same period last year, benefiting from warehouse and distribution efficiencies and lower freight rates. Christmas trading was strong in both years.

 

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