ASSOCIATED BRITISH FOODS news and archive

Strategic price increases drive Primark's growth

Primark's sales growth in FY23, posted by owner Associated British Food this week, highlights strategic measures that propelled the clothing retailer's success. Like-for-like sales surged by 9 percent, generating 9 billion pounds in revenue. Adjusted operating profit, slightly lower at 735 million pounds with an 8.2 percent margin, reflects...

ManagementFeatured

Primark records strong annual sales growth

Primark revenues rose strongly during the financial year to September 16, 2023, up 15 percent to 9 billion pounds reflecting a sales increase across its core markets. The company, part of the Associated British Foods plc, said, the performance was driven by carefully selected price increases taken to partially offset high and volatile input cost...

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Primark sales grow by 13 percent in Q3

In the third quarter, Primark, part of the diversified Associated British Foods, grew sales by 13 percent, with like-for-like sales growth of 7 percent, supported by higher average selling prices. Like-for-like sales growth for the year to date is 9 percent, while like- for-like sales growth in the quarter was 6 percent in the UK and 7 percent...

ManagementFeatured

Primark reports record Christmas sales

Primark, part of Associated British Foods plc said in a trading update that footfall during the Christmas period was strong in both the UK and the Eurozone, and sales were 18 percent ahead of last year at actual exchange rates and 15 percent at constant currency to 3.15 billion pounds. The company's like-for-like sales were 11 percent ahead,...

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Marks & Spencer exec steps down to join Primark owner

Primark’s owner Associated British Foods (ABF) has announced that Eoin Tonge has been appointed as the company’s next finance director, succeeding John Bason who is retiring and stepping down from the board. A start date is yet to be agreed on, however ABF said it will be no later than February 2023. Tonge will be joining ABF from Marks &...

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Primark foresees trade recovery, plans to add stores in key markets

For the year to September 18, 2021, Associated British Foods plc reported revenue of 13.9 billion pounds, in line with last year at actual exchange rates and 1 percent ahead at constant currency. The company said in a release that Primark sales in both years were impacted by trading restrictions and store closures. The periods of closure were...

BusinessFeatured

Primark commits to paying more to support its suppliers

Fast-fashion retailer Primark has agreed to pay more to suppliers, releasing a statement saying it will agree to take more than 300 million pounds of additional products both finished and in production. The commitment will see Primark paying for some 370 million pounds of additional orders for product over and above the 1.5 billion pounds of...

BusinessFeatured

Primark pledges to pay factory workers

Primark has pledged to assist factory workers during the coronavirus crisis after establishing a fund to cover the wages component of orders that have been cancelled. The fast-fashion retailer closed its entire store estate on March 22, due to the global Covid-19 health crisis, which has resulted in the loss of sales of 650 million pounds every...

BusinessFeatured

Primark closes stores and cancels future orders

Fast-fashion retailer Primark has closed all of its UK stores, following closures elsewhere in the world, and has cancelled all future orders due to the spread of the coronavirus. The retailer, owned by Associated British Foods, said that the response was due to what it was calling a “rapidly changing situation regarding Covid-19” and that all...

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Primark anticipates big coronavirus hit to sales

Associated British Foods plc has said, while for the first half, adjusted operating profit will be ahead of its previous expectations, mainly due to higher margins for Primark and Grocery and adjusted earnings per share will now be ahead of last year on both a lease-adjusted and a reported basis, with developments over the last week in Italy,...

ManagementFeatured

Primark denies short-term impact of coronavirus, foresees 4.2 percent rise in H1 sales

For the half year, Primark, part of Associated British Foods Plc, expects sales to be 4.2 percent at constant currency and 2.5 percent at actual exchange rates, driven by increased retail selling space and level like-for-like sales. The company said in a statement that with the expected decline in margin, operating profit is expected to be...

Management

Primark's Q1 sales increase 4 percent

For the 16-week period, Associated British Foods plc said trading at Primark has been good in the first quarter with sales 4.5 percent ahead of last year at constant currency and 3 percent at actual exchange rates. The company said in a statement that sales growth was due almost entirely to the increase in selling space and like-for-like...