PRIMARK TEPID COMPS AND A HIT TO MARGINS AT PRIMARK

Executive Summary

• Primark sales were up 13% at constant exchange rates and up 8% in British pounds.
• Spain, Portugal and Ireland performed “very well,” and UK comps were positive.
• Operating profit was up 5% at constant foreign-exchange rates and up 2% in British pounds.
• Operating margin was down 79 basis points, to 12.6%.
• Parent company Associated British Foods is a conglomerate and does not report further measures of profitability at the level of its Primark segment.