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Primark (LSE: ABF) 1H17 Trading Update: Flat Total Comparable Store Sales; up 2% in the UK

Executive Summary

  • Primark’s owner Associated British Foods (ABF), provided a preliminary trading update for 1H17 sales results for the six months ending March 4, 2017. We focus only on Primark, ABF’s retail division, in this flash report.
  • Primark revenues are expected to increase 10% year over year at constant currency for 1H17and reported sales are expected to increase 22% year over year. The company increased selling space by 12% year over year in 1H17.
  • Total comparable store sales were flat, but for the UK increased by 2% year over year.
  • Primark forecasts that operating profit margin in 1H17 will decline, reflecting increased input costs due to US dollar strength.

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