Dec 10, 2021
Discount retailer Primark says trading is better than expected
Primark owner Associated British Foods said trading at the discount fashion chain has been ahead of expectations, but warned over disruption from renewed Covid restrictions and supply chain issues. Primark said same-store sales in the first quarter of its new fiscal year have improved relative to the final quarter of the previous year, when they were down 17 per cent on pre-pandemic levels. Primark also said it expected sales from December to April to be "Significantly ahead" of last year, when large parts of its store estate in Europe had to be closed because of rising Covid-19 cases. Olivia Townsend, retail analyst at UBS, said there was "Clearly a degree of uncertainty around Primark trading in markets with tightening restrictions" given that it does not sell online. Trading in the sugar, ingredients and groceries divisions was in line with expectations, said ABF. Price increases, cost savings and other measures are helping to mitigate transport disruption and cost inflation.
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