Markets

Primark posts 7 percent sales increase

Primark posts 7 percent sales increase

Associated British Foods said sales for the 16 weeks to 6 January 2018 at Primark were 7 per cent ahead of those reported previous year at constant currency driven by increased retail selling space. A greater profit and revenue reduction than previously forecast is now expected for the full year, AB said, primarily as a result of significantly lower European Union sugar prices, which adversely affected its United Kingdom and Spanish businesses. Although an unseasonably warm October held back sales across Europe, trading was strong in the weeks leading up to Christmas.

Group revenue for the 16 weeks period rose 4% at constant currency rates and by 3% at actual rates.

Looking forwards, the group said that its outlook was unchanged, with progress expected in adjusted operating profit and adjusted earnings for the full year.

Retail selling space increased by 300,000 square feet from the financial year end, and, at January 6,350 Primark stores were trading from 14.2 million square feet, versus 13.1 million square feet last year.

Ingredients sales fell 1% at reported rates but up 4% at constant rates, with good sales and margin progress expected this year.

Trump Honors Former Senate Majority Leader Bob Dole With Congressional Gold Medal
Despite multiple surgeries, Dole was left with a virtually unusable right arm and clenched hand, in which he often put a pen. Dole first came to Congress in 1961, having been elected to represent the 1st Congressional District of Kansas.

The group opened five new stores during the period in the United Kingdom and in Europe, increasing its retail selling space by 300,000 square feet (sq ft). Primark sales were up 7 percent at constant currency rates.

In a trading update the company said: "The UK continued to perform well with strong like-for-like sales, a consequent strong increase in share of the total market, and trading which reflected the breadth of our consumer offering". The company said it was on track to meet expectations for the full year.

Twinings and Ovaltine brands delivering good sales growth, strong trading for ACH in the U.S., stronger margins for George Weston Foods in Australia.

Meanwhile the group said that the reduction in the U.S. federal tax rate, applicable from the beginning of this calendar year, will reduce the group's effective tax rate for this financial year by some 100 basis points. It also saw record sales in the week before Christmas.


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