By Luke Tugby2019-11-05T07:24:00
Primark has posted an increase in full-year profits and set its sights on further international expansion, despite declining like-for-like sales.
The value fashion chain’s owner Associated British Foods (ABF) said operating profit at the retailer jumped 8% to £913m in the year to September 14.
Same-store sales dipped 1% in the UK and 2% across the wider Primark business. But total sales advanced 4.2% at actual exchange rates to £7.79bn, driven by new store openings.
In the UK, where ABF said it had been “encouraged” by the response to its new-look Birmingham store, total sales climbed 2.5%.
Please sign in now if you have a subscription
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.