FASHION RETAIL NEWS UK
Primark is expecting revenue growth of around 4% in the second half if its financial year after sales were boosted by its new store opening programme.
However, like‐for‐like sales in the six month period to 14 September 2024 are expected to decrease by around 0.5% following growth of 0.2% in its third quarter and a projected drop of around 0.9% in the fourth.
The fashion retailer attributed the decline mainly to unseasonably bad weather in the UK and Ireland which resulted in reduced footfall. This means that UK sales are expected to be around 0.5% lower with a like‐for‐like sales decline of around 2%.
While volumes were soft during the half year, the average selling price increased after the retailer benefited from the “relevance and breadth” of its product ranges, including licensing and collaborations, as well as increased digital engagement with customers.
Primark is expecting sales growth of 5% in Europe excluding the UK and a like-for-like growth of 0.9%. The retailer said most of its markets in the region delivered strong growth including Spain, France and Italy.