Sep 9, 2019
Primark owner warns margins will fall next year
In a trading update ahead of the closing of its financial year to September 14, ABF confirmed its guidance for annual adjusted earnings per share to be stable from the 134.9p achieved a year earlier. Sales at Primark for the financial year are expected to be 4 per cent ahead of last year at constant currency and actual exchange rates, helped by 14 store openings and expansions of existing stores. On a like-for-like basis sales are expected to fall 2 per cent, with Germany the weak spot in an otherwise solidly growing business in Europe. ABF said Primark delivered "Significant gain in market share" in the UK with sales growth of 3 per cent and a like-for-like sales decline of 1 per cent. ABF shares were up 15 per cent in the year to date, ahead of the FTSE 100's 8.2 per cent rise, but below the 25 per cent rise for the MSCI Europe retailing index.
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