Primark owner ABF confirms eligibility for coronavirus loan April 17, 2020 Primark owner Associated British Foods has announced that it is eligible for funding from the government’s Covid Corporate Financing Facility during the coronavirus outbreak. All of the budget retailer’s 376 stores across 12 countries have been closed since March 22, which represents a loss of £650m net sales each month. However the company is hoping [...]
Primark UK store sales dip as retailer outlines expansion plans January 16, 2020 Primark’s like-for-like UK in-store sales dipped over the Christmas trading period, the budget retailer announced this morning. The high street chain’s owner Associated British Foods (ABF) said today that there was a “marginal decline” in like-for-like UK sales in the 16 weeks to 4 January. However, the impact of extra store space boosted total UK [...]
Primark set to drive another year of growth for ABF December 6, 2019 Associated British Foods (ABF), the British multinational which owns Primark, reiterated its outlook for the new financial year ahead of this morning’s AGM. The new financial year will see Primark expand its selling space, with the most new stores being added in France and Spain. Read more: Primark bounce helps offset sugar slump at ABF [...]
Primark owner blames sales drop on ‘unseasonable’ weather July 4, 2019 Primark sales rose four per cent above last year’s level for the year to date, owner Associated British Foods (ABF) said today. Read more: Primark sales soar but sugar sales drop at owner ABF However, like-for-like sales actually fell in the 40 weeks to 22 June, with the sales boost coming largely from new stores. [...]
Primark profits soar but owner ABF blames poor sugar performance for fall in profits April 24, 2019 Primark delivered an “excellent” 25 per cent profit growth in the six months to March even as owner Associated British Foods (ABF) saw overall income shrink. Read more: A look inside the world's largest Primark The figures ABF witnessed a huge 15 per cent year-on-year drop in statutory profit before tax to £515m after paying a [...]
Primark boosts revenue with new store openings but warns on like-for-like sales drop February 25, 2019 Primark said today it expects half-year sales to grow four per cent compared to last year, driven by new store openings, but the budget fashion retailer will post a two per cent drop in like-for-like sales. In the UK sales were up two per cent, while Eurozone sales jumped five per cent with strong growth in Spain, France, Italy and Belgium. However, [...]
Primark sales sweeten the pill as retailer outperforms Christmas gloom January 17, 2019 Primark today reported a rise in revenues over the festive period as store expansion outweighed a fall in like-for-like sales. The fashion retailer saw UK sales rise one per cent on last year in the 16 weeks to 5 January, defying a downturn in the wider retail market. Read more: Retail sector suffers worst Christmas in [...]
Debenhams share price plunges as investors fear disappointing Christmas trading January 2, 2019 Shares in Debenhams plunged almost nine per cent this morning amid fears of poor trading over the festive period. The department store chain saw its share price tumble to 4.68p on the first day of trading in 2019, ahead of an update due on 10 January. The sliding shares suggest investors have low expectations for [...]
Primark owner warns of challenging trading and tough retail market December 7, 2018 The chairman of the company behind Primark is today warning of a tough market for retail saying that during November Primark trading was challenging. Associated British Foods chairman Michael McLintock will say at the firm’s annual general meeting today that “during November Primark trading was challenging, in a tough retail market, but with careful inventory management [...]
Proxy adviser tells investors to vote against ‘excessive’ pay of Associated British Foods boss December 5, 2018 An influential advisory group today recommended that shareholders vote against the "excessive" pay package of the Associated British Foods (ABF) boss. The firm’s chief executive George Weston, who belongs to the billionaire family that owns a majority stake in ABF, earns approximately 129 times the salary of the company’s average employee, with proxy firm Pensions [...]
