Executive Summary

• Primark’s revenue was £2,667 million for 1H16 (ended February2016), up 4.7% from 1H15. Its interim operating margin fell by 91 basis points year over year, to 11.7%.
• Primark’s parent firm, Associated British Foods (ABF), reported adjusted basic and diluted EPS of 46.1 pence for the period, unchanged from 1H15 but above the consensus estimate of 42 pence.
• The company noted that Primark has been well received by customers in the US since its launch in the country in September 2015. Management said that “footfall and sales density have increased steadily as awareness of the Primark brand…continues to grow.”