Primark to open 10 new stores before Christmas

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Primark owner ABF has announced it is to open 10 new stores before Christmas.

The group, which today reiterated its forecast of lowered profits for 2022/23 at its annual general meeting, said Primark trading had been “encouraging” and it was on track to add 27 new stores during the financial year, with 10 to open this month.

ABF chair Michael McLintock said: ”Our outlook for the full year is unchanged.

“We continue to expect further significant input cost inflation, but the volatility of our input costs has diminished. For the full year, we continue to expect significant growth in sales for the Group, and adjusted operating profit and adjusted earnings per share to be lower than the previous financial year.”

Last month, the fashion retailer announced it was to embark on an “aggressive” expansion programme in the US, with plans to grow its presence to 60 stores over the next five years.

Primark currently operates 13 stores in the US, has a further 11 in the immediate pipeline and is set to open three in New York before the end of the year.

New York stores at Roosevelt Field in Garden City, Jamaica Avenue in Queens and City Point in Brooklyn are all set to open during December, which the retailer says will “kick off its growth plan” for 60 store openings across the US by 2026.

It today opened a store in Angers, France.