Fast fashion’s firm margins shrank 8.3% in first half of its financial year
“In Primark our exchange rates we’re buying clothes with now are weaker than this time last year,” AB Foods chief executive officer George Weston said. “That’s still a drag.”
Stronger fashion sales are partly due to “hard-pressed families” looking for value, while Primark is also benefiting from the demise of Debenhams and Arcadia brands including Topshop, said Mr Weston. The retailer started the click-and-collect trial for its website late last year in the northwest of England, Yorkshire and north Wales. It was the first time that customers could buy from the company online. Primark struggled during Covid lockdowns because stores were forced to close for months and the business had no ecommerce site to fall back on.
Primark is also growing its footprint in the southern US, particularly in Texas, with a new warehouse in Florida.
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