ABF news and archive

AB Foods-owned Primark posts increased profit margins

Primark sales were up 7.5 percent for the 24 weeks to March 2, 2024 marked by a slow start for many cold weather categories due to unseasonal warm weather, followed by strong Christmas trading with seasonal ranges selling through well. However, the company, part of the diversified Associated British Foods (ABF), said in a release that adjusted...

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Primark H1 sales up 19 percent as UK, EU markets shine

Sales at fast fashion giant Primark increased 19 percent in the first half as the company experienced “strong like-for-like sales growth driven by price and volume”. The budget fashion chain made sales of 4.23 billion pounds in the six months to March 4, up from the 3.54 billion pounds it posted a year earlier. On a constant-currency basis,...

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Primark ups FY guidance on strong H1 sales

Primark has upped its guidance for the full year after seeing robust sales growth in the first half of the year. In a pre-closing trading update, the company said it expects half-year sales to be 16 percent above levels from the prior year as it continues to rebound from the pandemic. On a like-for-like basis, sales were up 10 percent, with the...

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Primark FY sales surge, but parent ABF warns on profits

Sales at fast fashion giant Primark have surged in its current year, but its owner has warned of a drop in profits next year amid rising inflation. In a pre-close update for the year ending September 17, Associated British Foods (ABF) said it expects sales at Primark to jump 40 percent to 7.7 billion pounds on a constant currency basis. It said...

People

Primark names Alice Macandrew as corporate affairs director

Primark has appointed Alice Macandrew to the newly-created position of corporate affairs director, effective immediately. In a statement, the retailer said that Macandrew joins with the remit to develop a global corporate affairs team and strategy that will build and protect long-term value in Primark. Macandrew is a highly experienced corporate...

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Primark commits to paying more to support its suppliers

Fast-fashion retailer Primark has agreed to pay more to suppliers, releasing a statement saying it will agree to take more than 300 million pounds of additional products both finished and in production. The commitment will see Primark paying for some 370 million pounds of additional orders for product over and above the 1.5 billion pounds of...

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Primark pledges to pay factory workers

Primark has pledged to assist factory workers during the coronavirus crisis after establishing a fund to cover the wages component of orders that have been cancelled. The fast-fashion retailer closed its entire store estate on March 22, due to the global Covid-19 health crisis, which has resulted in the loss of sales of 650 million pounds every...

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Primark closes stores and cancels future orders

Fast-fashion retailer Primark has closed all of its UK stores, following closures elsewhere in the world, and has cancelled all future orders due to the spread of the coronavirus. The retailer, owned by Associated British Foods, said that the response was due to what it was calling a “rapidly changing situation regarding Covid-19” and that all...

Business|ANALYSIS Featured

Primark's better-than-expected quarterly sales cheer markets

New York - The giant of affordable fashion has presented its quarterly results for the period spanning the 16 weeks ended on January, 5. The figures, which include Christmas sales, reflect an increase of 4 percent. The market has received the news with joy, sending the shares of Associated British Foods (ABF), the parent company of Primark, up...

Business|ANALYSIS Featured

Raising import costs to eat Primark’s margins

Increasing costs related to the import of raw materials and manufacturing are starting to have a tangible effect on Primark’s unstoppable growth. In fact, the apparel’s arm of Associated British Foods (ABF) is seeing how its margins get tighter by the day, causing no little concern to the executive team and its shareholders. Import costs have...

People

Breege O'Donoghue to say goodbye to Primark after 37 years

London - Primark's Group director of New Markets and Business Development Breege O'Donoghue is set to step down from her role and retire from the company this year, after serving 37 years. O'Donoghue will step down from her position on Primark's executive board at the end of its financial year in September. However, she will continue to...

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Primark's 'magnificent' performance lifts ABF's overall results

ANALYSIS_ Associate British Foods (ABF), parent company of Primark reported a 6 percent rise for its full year earnings, which was bolstered by another “magnificent year” for the value fashion retailer resulting in a 30 percent profitincrease at constant currency. Overall sales for Primark rose 17 percent ahead of last year at constant currency,...