Home Business News Primark owner reports ‘remarkable’ UK performance

Primark owner reports ‘remarkable’ UK performance

17th Apr 18 9:47 am

Shares were up 1.9 per cent today

Shares in Primark-owner Associated British Foods (ABF) were up 1.9 per cent today after it reported a “remarkable” UK performance despite tough conditions on the high street.

For the six months to March 3, the group made adjusted operating profit of £648m while its pre-tax profits dropped 30pc to £603m. The group revenue also rose 2 per cent to £7.42bn.

ABF chief executive George Weston said: “Our UK performance was remarkable in the circumstances and delivered a strong increase in our share of the total clothing market.

“Looking ahead we expect this profit growth to accelerate with the continuation of our retail selling space expansion and an improvement in margin following the recent strengthening of sterling against the US dollar.”

Primark saw like-for-like sales in the UK rise by 3 per cent in the 24 weeks to 3 March, though there was a slight fall of 1.5 per cent when overseas stores were included.

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