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 [...]
The power of summer: Primark sales inch above pre-pandemic levels June 20, 2022 The owner of Primark has put recovering sales down to the power of summer, tourism and the march back to the office. Associate British Foods (ABF), which owns sugar ad agriculture businesses alongside the budget retailer, said sales over the past six months were four per cent higher than pre-pandemic levels, though they remain around [...]
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. [...]
ABF and Primark sales to surpass pre-Covid levels as consumers eye luggage and swimwear February 28, 2022 Associated British Foods (ABF), which also owns budget retail chain Primark, has said it is on track to surpass pre-Covid levels of sales and operating profit. The food manufacturer has been battling against inflation, alongside the rising costs of energy, but anticipates grocery revenue to inch two per cent higher than 2021. While Primark sales [...]
ABF pins ‘lower than expected sales’ at Primark on summer pingdemic September 13, 2021 Sales at Primark, a subsidiary of Associated British Foods, have dipped below expectations in the last year, as Gen Z shoppers move away from fast fashion brands. In its pre-close trading update for the full year to 18 September, Associated British Foods (ABF) said: “We have seen a significant improvement in trading as the period [...]
Primark lifts profit forecast after store reopenings boost sales July 1, 2021 Primark has hiked its profit forecast for the full year after the easing of lockdown restrictions drove a sharp rise in sales for the third quarter. Parent company Associated British Foods (ABF) said profit at the budget fashion chain would be roughly in line with last year — up from previous guidance of “somewhat lower”. [...]
Primark owner restores dividend as high street stores reopen April 20, 2021 The owner of Primark today said it would restore its dividend and pay back furlough money as it issued an upbeat outlook following the reopening of retail stores. Associated British Foods (ABF) halted its payout last year due to the outbreak of Covid-19, which sparked an almost £1.5bn hit to its first-half Primark sales. The [...]
Primark owner takes £1.5bn sales hit from lockdown restrictions February 25, 2021 Primark owner Associated British Foods (ABF) this morning warned lockdown store closures would take £1.1bn off first half sales
Primark expects £1bn sales hit due to lockdown store closures January 14, 2021 Associated British Foods (ABF), the owner of Primark, said the closure of the budget fashion chain’s stores had cost the company £540m in lost sales so far, warning the total could reach £1bn due to ongoing restrictions. ABF said the loss of sales due to temporary store closures will cost the firm £1.05bn if they [...]
Second national lockdown wipes £430m off Primark’s balance sheet December 4, 2020 England’s second national lockdown wiped an estimated £430m off Primark’s balance sheet, as the pandemic continues to decimate British high street retailers. Speaking ahead of Primark’s annual general meeting later today, chairman Michael McLintock said: “Our estimate for the loss of sales for the announced periods of closure this autumn is now some £430m.” The [...]