Resilient consumer demand for its budget fashion offering means Primark group now expects substantially higher sales
The Penneys owner said it expects sales in Europe, excluding the UK, to increase by 18 per cent driven by higher footfall. Photograph: Cyril ByrnePrimark owner Associated British Foods said on Monday its full 2022-23 year expectations have improved, with adjusted operating profit and adjusted earnings per share now expected to be broadly in line with the previous financial year.
“Total sales in Europe, excluding the UK, are expected to increase by 18 per cent driven by higher footfall with growth in all our markets,” it said in a trading update on Monday. Like-for-like sales, meanwhile, are expected to be 8 per cent higher than 2021.ABF said it had “traded well” for the first six months of its financial year with sales expected to reach £4.2 billion , 18 per cent ahead of the first half of its previous year.
ABF said sales have been boosted by improved footfall due to the lifting of Covid-19 restrictions in Britain, Ireland and the rest of Europe last year. Primark said last month that it had a record week in the run-up to Christmas as shoppers hunted for bargains during the worst cost-of-living crisis in decades.
However, the company said it expects margins in its food business to be narrower than expected as it continues to encounter “significant cost pressures”. The group’s share price, up more than 20 per cent this year, gained on Monday morning following the update.
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