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Primark (LSE: ABF) 1H18 Pre-Close Update: Warm October Weather Holds Back Growth

Executive Summary

  • Primark’s parent, Associated British Foods (ABF), reported a pre-close trading statement for its 1H18 results, for the period ending March 3, 2018. ABF will announce detailed half-year results on April 17, 2018.
  • ABF expects to report a 7% rise in Primark’s 1H18 sales at constant currency and a 9% rise as reported, driven by increased selling space.
  • The company expects Primark’s comparable sales to decline by 1% during the period, as growth was hindered by an unusually warm October—a month when comps saw a “significant decline.”
  • Management expects Primark’s operating margin for 1H18 to be similar to last year’s margin. The company plans to open 1.2 million square feet of selling space over FY18.

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