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Primark (LSE: ABF) 1H18 Results: A Warm October Dents Sales Growth

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.

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