Primark owner claims fast fashion still a draw as cost of living crisis boosts sales April 25, 2023 Primark owner Associated British Foods (ABF) has reported a slight dip in its adjusted operating profit as the retail and grocery giant felt the pain of soaring inflation and a tough economic climate. For the 24 weeks to 4 March, the group’s adjusted operating profit came in three per cent lower at £684m, compared to [...]
Primark owner Associated British Foods ‘dodging most economic bullets’ as outlook improves February 27, 2023 Primark owner Associated British Foods has upped its outlook for the full year after reporting a jump in sales at the budget fashion chain as consumer spending held up better than expected. The group said sales at the retailer, which has 419 stores, are set to rise by 16 per cent at actual exchange rates [...]
Tourist Tax: M&S and Primark urge Jeremy Hunt to ‘think again’ as £11.1bn wiped of GDP January 30, 2024 Business leaders are piling fresh pressure on the government to scrap its controversial tourist tax as data shows it is eating away at UK GDP and banishing international visitors.
Primark owner ABF thanks sunny spells, digital push and inflation for 13 per cent sales hike June 26, 2023 Primark owner Associated British Foods (ABF), has credited warm weather and a revamp of the affordable fashion brands website for a 13 per cent rise in sales – hiking its share price 0.61 per cent when markets opened this morning. The retail giant which also brand such as Twinings, said like for like sales grew [...]
FTSE 100 close: London ends down ahead of Google and Microsoft results as Primark owner slumps April 25, 2023 London’s FTSE 100 was dragged lower today as investors fretted over the state of a batch of big tech results on Wall Street rolling in over the coming days. The capital’s premier index shed 0.27 per cent to drop to 7,891.13 points, while the domestically-focus mid-cap FTSE 250 index, which is more aligned with the [...]
Lidl joins Sainsbury’s, Tesco and Primark to shut shops for Queen’s funeral September 12, 2022 Top supermarkets and retailers including Lidl, Waitrose and Sainsbury’s are set to shut their UK stores on the day of Queen Elizabeth II’s funeral. Major retailers B&Q and Primark will also close shops for the bank holiday to mark the Queen’s state-funeral next Monday. Some supermarkets are also working on plans to cut some of [...]
Primark to invest £140m in new stores and upgrades creating 850 new jobs November 25, 2022 Primark is to invest £140m in new stores and the creation of 850 new jobs across the UK. The low-cost retailer will create at least four new outlets in the next two years, while upgrading and refurbishing existing stores, over a two year process. This comes as the the UK retail sector continues to struggle [...]
Primark profit margins to be hit by high energy costs and shoppers’ budget worries September 8, 2022 Primark owner Associated British Foods said it expects the retailer’s profit margins to take a hit next year due to rising energy costs. In a trading update on Thursday morning, the retailer said it anticipated Primark’s profit margin to be lower than expected as the budget-chain has opted to limit further price hikes. ABF acknowledged [...]
Primark owner poaches Marks & Spencer director for top finance job July 21, 2022 Primark owner Associated British Foods has nabbed Marks & Spencer’s CFO Eoin Tonge for its top finance job. Associated British Foods said that its current finance director John Bason will step down from the board, with Tonge stepping into his shoes no later than February 2023. Tonge also holds the position of chief strategy officer [...]
Primark to introduce ‘selective’ price increases to offset pressures April 26, 2022 The owner of Primark has said it will be forced to raise prices on “selective” products in its autumn/winter ranges and issued a margin outlook warning. Associated British Foods (ABF) said its half-year sales and operating profit for the group returned to pre-Covid levels, in interim results for the 24 weeks ended 5 March 2022. [...]