Jan 20, 2022
Primark sales stuck below pre-Covid levels
So while sales for the 16 weeks to early January were up 36 per cent year-on-year, that comparison is against a period in late 2020 when lots of Primark's stores were closed. Total Primark sales were 5 per cent lower than pre-Covid levels, and like-for-like sales were 11 per cent lower. Investment platform AJ Bell reported a 4 per cent rise in customer numbers in the quarter, with net inflows of £1.3bn. The pace of growth has predictably slowed from a year ago when the retail trading boom was in full swing. The bank reported a 10 per cent rise in profits for the final quarter of last year, and said it would aim for a "Longer term" return on tangible common equity of at least 20 per cent, up from an earlier 17 per cent target. Together Wall Street's leading banks raised pay by almost 15 per cent last year, shelling out a whopping $142bn in pay and benefits amid a war for talent.
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