Primark has posted a rise in sales across its UK, European and US markets despite a “slow start” to Christmas trading due to unseasonally warm weather.
In the 16 weeks to January 6, the value fashion retailer saw its overall retail revenue rise 7.9% on a constant currency basis to £3.3bn.
Like-for-like sales increased 2.1% boosted by higher average selling prices.
Total UK sales grew 4.5% with like-for-like sales increasing 3.8% in the run-up to Christmas.
The group said sales of womenswear, menswear and Christmas ranges were “strong” despite slower sales at the start of the trading period.
Total sales in Europe increased by 8.1% with like-for-like sales up by 1.3% following a mixed performance as some countries were affected by “strong comparatives” in the same period last year and “local economic conditions”.
US sales soared 45% driven by new store openings.
Primark also reached a new record market share of 7.1% for the 12 weeks to December 10.
The retailer said it also continues to “monitor the situation” in the Red Sea, but does not expect any significant disruption to its supply chain “at this stage”.
Further improvement in its product gross margin should help limit potential costs of supply if the ongoing Red Sea situation affects the business.
1 Reader's comment