New stores help shield Primark from high street malaise | Business News


Primark says it is on course to report annual sales and profit growth, as the wider high street continues to be gripped by a costs and consumer confidence crisis.

In a statement preceding its annual results for the year to 14 September – due in November – the discount retailer’s owner Associated British Foods (ABF) said they expected to show a 4% rise in total sales for Primark.

On a like-for-like basis, which measures sales performances at stores open for more than a year, business was 2% lower than in the previous year.

For the UK, ABF said its numbers reflected “strong” demand within new selling space, including its new flagship Birmingham store.

But it admitted like-for-like sales were 1% down, reflecting the tough market conditions amid political and economic uncertainty over Brexit.

The company said it had completed its preparations should the country leave the bloc without a deal.

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