Apr 24, 2019
Why Primark proves bricks can be sweeter than clicks
At Primark, like-for-like sales fell 1.5 per cent in the period, held back by poor performance in Germany and a mild autumn across Europe. Overall sales growth - 4 per cent at constant exchange rates - came only from adding space, at a time when other retailers are reducing store exposure. At AB Sugar half-year sales declined 11 per cent at constant rates, mainly due to lower EU prices, cutting operating profit from £90m to £1m. At Asos, "Sugar Dust" is a women's fashion label, not a costly waste material. At Primark, operating margin in the first half increased by 190 basis points to 11.7 per cent. Primark's margin meant a 6 per cent increase in selling space led to a 25 per cent increase in profit.
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