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Primark (LSE: ABF) FY18 Pre-Close Trading Update: Increased Selling Space Drives Sales Growth

Executive Summary

  • Primark’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.
  • Primark guided its FY18 sales to grow 5.5% year over year on a constant currency basis, driven by an increase in selling space, offset by a 2% decline in same-store sales.
  • The company expects its operating margin for FY18 to be 11%, well ahead of the 9.8% reported in 1H18 and last year’s margin of 10.4%, led by favorable exchange rate movement.

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