Fast-fashion giant Primark leaped over struggling UK high street with strong Christmas trading
: Fast-fashion giant Primark appears to have sidestepped the malaise hanging over British high street, as its parent company Associated British Foods reported strong Christmas sales for the brand.sales at the retailer in the 16 weeks to January 4 were 4.5% ahead of last year, attributed to a rise in the number of stores with openings in Spain, Italy, Germany and Portugal in the last quarter.
In the U.K., sales were 4% ahead of last year, the group said, with trading “particularly good” over the key Christmas months of November and December. Like-for-like sales were marginally down. Across Europe, sales were 5.1% ahead of last year, boosted by progress in France and Italy as well as Germany, and sales also grew in the U.S., a traditionally tough market for British retailers.
But operating profits were hit by a stronger dollar, which made U.S. purchases more expensive, but ABF said this was offset by a fall in the price of fixed costs and the cost of goods. Shares of parent company ABF, which is also one of the world’s largest sugar and yeast producers, rose by 2.50% to 2616p a share off the back of the trading update.: The retailer will open 18 new stores this year, including its first store in Poland this Spring.“Was there a degree of caution by the UK consumer ? Possibly yes.
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