Home Business NewsBusinessBusiness Growth News Primark sets new sales record following lockdown easing

Primark sets new sales record following lockdown easing

by LLB Finance Reporter
1st Jul 21 10:31 am

The owner of Primark, Associated British Foods (ABF) have announced record sales in their stores after post-lockdown demand.

ABF said they had hit £1.6bn in the 16 weeks to 19 June “reflecting an increase in both confidence and willingness to spend by our customers.”

The retailer saw like-for-like sales rise by 3% from the same quarter two years ago, which was buoyed by “pent-up demand in the early weeks after reopening.”

In the stock market update, the company said, “The relevance and appeal of our value-for-money offering has been evidenced by the number of customers that have returned to shop in person in our stores, across every one of our markets, each time we have reopened post-lockdown.

“This reopening has also seen a resurgence in demand for fashion across womenswear and menswear, as customers start to step out of lockdown leisurewear.”

ABF bosses said they now expect Primark’s profit for the full year, before the repayment of furlough funds, to be “broadly in line” with 2020 figures.

Shares in ABF were 5% higher at 2,327p after early trading.

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