Nov 6, 2018

Primark blames weather for sliding sales

Primark has blamed three periods of unseasonable weather for an annual decline in like-for-like sales. The fast fashion retailer, owned by Associated British Foods, said sales fell 2.1% for the year to 15 September. Primark is unusual in not selling online and uses its website to direct customers to one of its 360 stores. Adjusted pre-tax profit rose 5% to £1.37bn. George Weston, ABF chief executive, said strong profits at Primark and the grocery, agriculture and ingredients businesses more than offset the decline in returns from sugar, which was caused mainly by low prices following EU rule changes. Primark plans to open another one million sq ft of retail space in the next financial year, including a huge 160,000 sq ft store at Birmingham Pavilions that will become its biggest outlet.

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