ASSOCIATED BRITISH FOODS news and archive

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,...

Jan 24, 2023

Report

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 &...

Jul 21, 2022

ManagementFeatured

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...

Nov 9, 2021

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...

Apr 20, 2020

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...

Apr 6, 2020

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...

Mar 23, 2020

Report

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,...

Mar 16, 2020

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...

Feb 24, 2020

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...

Jan 16, 2020

ManagementFeatured

Primark's retail expansion strategy boosts full year sales

For the year ended September 14, 2019, Primark, part of the Associated British Foods plc reported 4.2 percent rise in turnover ahead of last year at actual exchange rates and 4.1 percent ahead at constant currency, driven by increased selling space partially offset by a 2 percent decline in like-for-like sales. The company said in a statement,...

Nov 5, 2019

ManagementFeatured

Retail expansion drives sales growth at Primark

Sales at Primark, part of Associated British Foods plc, for the full year are expected to be 4 percent ahead of last year at constant currency and actual exchange rates, driven by increased selling space partially offset by a 2 percent decline in like-for-like sales. The company said in a statement that sales growth in the fourth quarter...

Sep 9, 2019

ManagementFeatured

Primark profit increases by 25 percent

For the 24 weeks to March 2, 2019, Primark, part of the diversified group Associated British Foods, reported 4.4 percent rise in sales, ahead of last year, which the company said was driven by increased retail selling space partially offset by a 1.5 percent decline in like-for-like sales. With a much higher margin, Primark added that profit was...

Apr 24, 2019