Primark profits to hit top end of range after strong trading resumes

Primark in New York

Primark owner Associated British Foods (ABF) said the retailer’s profits are expected to be at the top of its revised range after a strong resumption of trading following lockdown.

In a pre-close update to the City for the 52 weeks to November 3, Primark’s profits were predicted to come in at the top of its revised £300-£350m range following the coronavirus pandemic, with sales of £2bn since UK stores began to reopen in mid-June. 

However, while basket sizes remain on average higher year on year, the retailer noted that in the UK sales are expected to be down 12% on a like-for-like basis.

Highlighting the footfall issue facing city centres, Primark said the fall in sales would be just 5% “if the four large UK destination city-centre stores are excluded”.

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