Amid a general slump in retail sales in Britain between December and early January, Primark, the British low-priced high-street retail chain, managed to record a 7% sales growth during the festive season. Shoppers seemed to have snubbed other higher-priced retailer rivals, opting for the discount fashion brand as brexit-induced price squeezes bit deep into their pockets. Primark owner Associated British Foods Plc is benefiting greatly from Primark’s success, and is poised to further expand the fashion brand’s network of 350 stores, after the opening of five new stores last year.
AB Foods CFO John Bason commented that ‘Of the 20 largest retailers, our market-share growth has been the strongest over the last year’, after Primark showed strong trading figures over the sixteen weeks to January the 6th. The main sales growth drivers were the expansion of retail space and the growth in market share, siphoning off sales growth from rival fashion stores. The discount fashion store’s performance in Europe, though, was mixed, as Primark sales suffered from the unseasonal good weather in October. (Read more)