Primark (LSE: ABF) 1Q17 Trading Update: “Good” UK Comps While Germany and the Netherlands Disappoint

Executive Summary

• Primark’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.
• At constant currency, Primark’s sales grew by 11% during the period and by 12% on a comparable-week basis. As reported, sales grew by 22% during the period and by 23% on a comparable-week basis.
• UK comps for the period were “good”, but were not disclosed. In Germany and the Netherlands, comps declined due to a rapid increase in selling space.