Business & Policy | Fashion Updates | Retail

Primark Reports Increase in Sales Citing Higher Prices and US Store Openings

Published: February 22, 2024
Author: Fashion Value Chain

Primark, the popular budget fashion retailer, has reported a rise in sales for its Christmas quarter, with higher prices and store openings in the US being credited as key contributors. The owner of Primark, Associated British Foods (AB Foods), confirmed that the clothing chain experienced a 2.1 percent increase in sales on a like-for-like basis in the 16 weeks leading up to January 16. Total revenues of the retailer rose by 7.9 percent during the same period.

Despite an unusually warm autumn impacting sales earlier in the quarter, the stronger growth in the weeks leading up to Christmas helped to offset this decline. AB Foods also highlighted the significance of new store openings in the US, which contributed to a substantial 45 percent increase in total sales in the region.

In addition to higher average selling prices, Primark’s sales boost in the UK (where comparable store sales increased by 3.8 percent) was attributed to strong demand for its Christmas range, including the recently launched collaboration with singer Rita Ora.

Addressing concerns over the impact of Red Sea shipping attacks on its business, AB Foods expressed confidence in not experiencing any significant disruptions, unlike other retail groups that have expressed worries about potential stock delays and cost inflation.

This latest sales improvement follows Primark’s recent expansion into the US market, demonstrating the brand’s growing global presence.

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