Deep Dive | March 22, 2019 Premium Strong Demand for Value, E-Commerce and Sportswear Sustains Pressure on Europe’s Middleground Apparel RetailersAcross major European economies, floundering midmarket behemoths are finding business more challenging than ever, leaving a number of apparel retailing stalwarts suffering what seems to be “death by a thousand cuts.” Read More
Company Earnings Update | February 26, 2019 Register for Free Access Associated British Foods (LSE: ABF) 1H19 Update: German Weakness Drags Down Eurozone Growth and Prompts Marketing InvestmentABF reported first-half comparable sales at Primark are expected to be down 2%, total sales to be up 4%, that Primark performed well in the UK with weak November store traffic but “good trading” in other months. The US business “continues to perform strongly.” Read More
Insight Report | January 21, 2019 Premium UK Holiday 2018 Retail Sales and Trading Wrap-Up: December Growth Slows as Uncertainty Accelerates Structural Shift Away from the MidmarketMomentum in the retail sector decelerated meaningfully in December, as measured by both value and volume (real terms). Value sales growth slowed from 4.2% in November to 2.1% in December. This was despite a number of retailers reporting a better month in December following an unusually tough November. Across November and December in aggregative (our definition of the holiday period), sales were up 3.0% year over year. Read More
Company Earnings Update | January 18, 2019 Register for Free Access Primark (LSE: ABF) 1Q19 Trading Update: Store Expansion Lifts SalesPrimark increased its revenues 4% year over year, at both constant currency and actual exchange rates. This was below the consensus estimate of 5.5% constant-currency growth recorded by StreetAccount. Sales growth was driven by an increase in the retail selling space partially offset by a modest decline in same-store sales. Operating margins improved due to lower purchasing costs (led by a weaker U.S. dollar) and better stock management, the company did not provide figures. U.K. sales grew 1% year over year, which ABF claimed was ahead of the overall U.K. apparel market. The company pointed to positive U.K. comparable sales in September and October, a weak November and a December that exceeded its expectations. Read More
Company Earnings Update | November 7, 2018 Register for Free Access PRIMARK (LSE: ABF) FY18 Results: Strong Summer Sell Through, Weakening US Dollar Revives MarginsAssociated British Foods (ABF) reported results for FY18 ended September 15. This report focuses on results for Primark, the company’s retail business. Read More
Company Earnings Update | September 11, 2018 Register for Free Access Primark (LSE: ABF) FY18 Pre-Close Trading Update: Increased Selling Space Drives Sales GrowthPrimark’s parent, Associated British Foods (ABF), reported its FY18 pre-close trading update on September 10. This report focuses on results for Primark, the company’s retail division. Read More
Company Earnings Update | July 6, 2018 Register for Free Access Primark (LSE: ABF) 9M18 Trading Update: Improved Comparable Sales Driven by Better Trading in the EurozoneAssociated British Foods (ABF) reported its 9M18 trading statement for the 40 weeks ended June 23, 2018. This report focuses on Primark, the company’s retail division. Read More
Company Earnings Update | November 8, 2017 Register for Free Access PRIMARK (LSE: ABF) FY17 Results: Soft Comps and Margin ErosionAssociated British Foods reported FY17 results for the 52 weeks ended September 16, 2017. This report focuses on results for Primark, the company’s retail division. Read More
Company Earnings Update | September 12, 2017 Register for Free Access Primark (LSE: ABF) FY17 Pre-Close Trading Update: Soft Comps and Aggressive Store ExpansionAssociated British Foods reported an FY17 pre-close trading update for the 52 weeks ended September 16, 2017. This report focuses on the results for Primark, the company’s retail division. Read More
Company Earnings Update | July 7, 2017 Register for Free Access Primark (LSE: ABF) 9M17 Trading Update: Sequential Sales Improvement and Containment of Profit Margin ErosionAssociated British Foods reported 9M17 results for the 40 weeks ended June 24, 2017. This report focuses on the results for Primark, the company’s retail division. Read More
Company Earnings Update | April 20, 2017 Register for Free Access Primark (LSE: ABF) 1H17 Results: Sharp Operating Margin Erosion and Lackluster CompsAssociated British Foods reported 1H17 results for the 24 weeks ended March 4, 2017. This report focuses on results for Primark, the company’s retail division. Read More
Company Earnings Update | February 28, 2017 Register for Free Access Primark (LSE: ABF) 1H17 Trading Update: Flat Total Comparable Store Sales; up 2% in the UKPrimark’s owner Associated British Foods (ABF), provided a preliminary trading update for 1H17sales results for the six months ending March 4, 2017. We focus only on Primark, ABF’s retail division, in this flash report. Read More
Company Earnings Update | January 13, 2017 Register for Free Access Primark (LSE: ABF) 1Q17 Trading Update: “Good” UK Comps While Germany and the Netherlands DisappointPrimark’s parent company, Associated British Foods (ABF), reported its 1Q17 trading statement for the 16 weeks ended January 7, 2016. This report will focus only on Primark, ABF’s retail segment. Read More
Event Presentation | December 16, 2016 Premium Primark Overview• Ultralow price points support Primark’s decision not to sell online, as the costs of fulfillment would erode margins • The impulse buys that are made as shoppers browse the assortments would be lost online – There is no digital equivalent of piling baskets to overflowing as shoppers walk the aisles • A short-lived experiment to sell Primark products through ASOS was abandoned in 2013 – No sign of movement toward a multichannel proposition ever since Read More
Event Presentation | November 15, 2015 Premium Disruptors – Physical and Digital– CVS Health: 37% of 2014 capex was on technology and other corporate initiatives – Nordstrom: 35% of 2014 capex; plans to spend $4.3 billion (5% of sales) over next five years – Walmart: 29% of 2014 US capex; spending “$1.2–$1.5 billion in e-commerce websites and mobile commerce applications” – Home Depot: “Tilting investments towards interconnected retail and technology Read More
