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Primark trading ‘ahead of expectations’

Associated British Foods – the parent company of Primark – has reported better than expected trading at the retailer over the last three months.

Chairman Michael McLintock told ABF’s annual general meeting that Primark had seen improved like for like sales compared to the fourth quarter of its last financial year.

“We are managing disruption in our supply chain by prioritising products most in demand with the support of our logistics providers for whom we are a very important customer,” he commented. “We have stock cover on the vast majority of lines for the important Christmas trading period.

“Primark margin year to date has been ahead of expectations. Looking ahead we currently expect Primark sales to be significantly better than sales in the comparable period in the last financial year, from December 2020 to April 2021, when the estate was largely closed.”

Since the year end, Primark has opened two new stores – in Spain and Italy – bringing its total store estate to 400.

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