Sep 11, 2017

Strong summer sales boost Primark

Primark, which buys most of its products in dollars but makes 55 per cent of its sales in the UK, was hit by sterling's fall after the UK voted last year to leave the EU. It did not want to recoup the higher costs through price increases because it preferred to keep the lowest prices on the high street. Like-for-like sales will end the year 1 per cent higher - they fell 2 per cent last year - while early trading of the autumn range was "Encouraging". Primark's full year sales would be 13 per cent higher than last year, at constant currencies, and 20 per cent higher at actual rates. The 345-store chain will continue to expand next year with 1.2m sq ft of new space planned against 1.5m sq ft this year. It expected no significant translational gains or losses next year, although last year's depreciation of sterling would continue to put pressure on Primark in the first half of 2017/18, but would benefit sugar profits.

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