Executive Summary

• Primark’s parent, Associated British Foods (ABF), reported results for the first half ended March 3, 2018. This report focuses on results for Primark, the company’s retail division.
• Primark’s 1H18 sales grew by 7% at constant currency and by 8% as reported, driven by increased selling space.
• Primark’s comparable sales fell by 1.5%, as growth was hindered by an unseasonably warm October—a month when comps saw a “significant decline.”
• The operating margin was 9.8%, down by 20 basis points from the same period last year.