Primark owner ups guidance after 15% sales surge
ABF stated that the sales growth has been driven by selective price increases, well received ranges and strongly performing new stores
Primark owner Associated British Foods (ABF) has raised its profit guidance after seeing better than expected results.
The company now expects an adjusted operating profit “slightly better” than its previous expectation of “moderately ahead” of its £1.4bn profit last year.
It also expects Primark sales to be around £9bn for the full year, a jump of 15% compared with last year and a like-for-like growth of 9%.
Furthermore, ABF has forecast that its Q4 sales will see a 15% increase with an 8% like-for-like increase.
In the UK the company’s like-for-like sales are expected to be up 11% year-on-year compared with an 8% increase in the rest of Europe.
ABF stated that the sales growth has been driven by selective price increases, well received ranges and strongly performing new stores.
The news comes after Primark announced it was expanding its click and collect trial to 32 more stores in London in April
