Primark Sales Rise Amid Strong Demand in U.K. and Republic of Ireland By Investing.com

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Primark Sales Rise Amid Strong Demand in U.K. and Republic of Ireland

Published Jun 20, 2022 16:58

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Primark Sales Rise Amid Strong Demand in U.K. and Republic of Ireland

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By Scott Kanowsky

Investing.com -- Shares in Associated British Foods (LON:ABF) rose slightly on Monday after the group's Primark business reported an 81% jump in third-quarter revenue.

In a trading update, the retailer said sales for the period came in at £1.7 billion, thanks in part to improved performance at its stores in the U.K. and Republic of Ireland. Demand also rebounded in continental Europe following the removal of some COVID restrictions in the region.

The group added that quarterly sales at Primark were 4% higher compared to pre-COVID conditions three years ago.

"The return of tourism and more office working combined with an improvement in the weather across all our markets was reflected in a strong customer reaction to our fashion ranges," Associated British Foods said in a statement.

The group confirmed that Primark is on track to deliver a full-year adjusted operating profit margin of 10%.

Outside of Primark, Associated British Foods said total revenue at its food divisions increased by 10% to £2.3 billion. On a group-wide basis, sales jumped 32% to about £4.05 billion, in line with company expectations.

Associated British Foods also said its annual outlook remains unchanged.

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