Primark profits soar as retailer targets further UK click-and-collect rollout

In its interim results for the 24 weeks to March 2, 2024, Primark’s adjusted operating profit jumped 46% to £508m, with margin recovery up to 11.3%.

Revenues for the period were up 7.5% to £4.5bn, which Primark said reflected “continued growth in selling space”.

Like-for-like sales were up 2.1%, driven by “good performance across most markets due to pricing and well-received product ranges”.

In terms of outlook, Primark owner Associated British Foods said it expected the fashion retailer to “continue to perform well in the second half driven by our store expansion programme and the modest levels of like-for-like growth, as we focus on driving volumes”.

ABF said that while the “consumer environment remains soft”, it expects to benefit from “the strength of our value proposition, our product relevance and category stretch”.

It said it expects a “moderate improvement in adjusted operating margin in Primark in the second half compared to the first half, albeit with a step up in investment to support medium-term growth”.