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PRIMARK (LSE: ABF) 1Q18 Trading Update: Retail Space Expansion Drives Sales Growth

Executive Summary

  • Primark’s sales increased by 7% at constant currency and by 9% as reported, in the 16 weeks ended January 6, 2018, driven by growth in selling space.
  • The company observed “strong” comparable sales in the UK. Unusually warm October weather hindered sales in Europe, although sales improved later in the five weeks to Christmas.
  • Management expects Primark’s operating margins for 1H18 to be similar to last year’s levels. The company plans to open 1.2 million square feet of selling space over FY18.

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