Future Of British Business
Primark’s Strong Christmas Gives Boost to AB Foods Outlook
- AB Foods says it’s more confident on clothing chain’s profit
- Sales started weak on weather, then improved during quarter
Shoppers pass a Primark store in London in December 2023.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Associated British Foods Plc said it’s more confident about improving profitability after its Primark budget fashion retailer got a boost over the Christmas season from cash-strapped British shoppers buying cut-price clothing.
Primark’s sales jumped 7.9% in the first quarter and the chain reached its highest ever market share in the 12 weeks to Dec. 10, AB Foods said Tuesday. The company has set a goal for Primark’s adjusted operating margin this year of more than 10%.