Value fashion giant Primark has reported an increase in sales in its third quarter and parent company ABF upgraded its profit forecast for the full year.
Primark posted a 13% increase in sales to £1.99bn for the 12 weeks to May 27, 2023, while like-for-like sales were up 7%, which it credited to “higher average selling prices”.
The fashion retailer said sales of its seasonal clothing and health and beauty products were “particularly strong”.
Primark said sales in its flagship city-centre stores have “continued to be good” and also credited its “much-improved website”, which will launch across new territories in Europe and the US this year.
The fashion retailer said its store expansion plan “remains on track”, as it opened stores in Venice, Italy; Walden Galleria, New York; Toledo, Spain; and Bratislava, Slovakia, during the period.
Primark confirmed it has signed the lease for its first store in Texas in the US but did not confirm its opening date.
In Primark’s summer trends report, published today, it named linen products, nightwear and “boho” pieces as the top three trends it is “seeing customers snapping up for the summer”.
Formal menswear, festival fashion, suitcases and beachwear are also performing well.
ABF said: “Primark has continued to trade in line with our expectations, with summer ranges performing well as the season started in our markets.
“The group continues to trade well. Based on current trading conditions, we now expect the group’s adjusted operating profit for the full year to be moderately ahead of last year.”
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