Primark sales rise over Christmas despite ‘slow start’
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In the 16 weeks to January 6, the value fashion retailer saw its overall retail revenue rise 7.9% on a constant currency basis to £3.3bn.
Like-for-like sales increased 2.1% boosted by higher average selling prices.
Total UK sales grew 4.5% with like-for-like sales increasing 3.8% in the run-up to Christmas.
The group said sales of womenswear, menswear and Christmas ranges were “strong” despite slower sales at the start of the trading period.
Total sales in Europe increased by 8.1% with like-for-like sales up by 1.3% following a mixed performance as some countries were affected by “strong comparatives” in the same period last year and “local economic conditions”.
US sales soared 45% driven by new store openings.
Primark also reached a new record market share of 7.1% for the 12 weeks to December 10.
The retailer said it also continues to “monitor the situation” in the Red Sea, but does not expect any significant disruption to its supply chain “at this stage”.
Further improvement in its product gross margin should help limit potential costs of supply if the ongoing Red Sea situation affects the business.
Primark chief executive Paul Marchant will be speaking at LIVE 2024: Retail Week x The Grocer on March 12-13 next year.
LIVE 2024 is the annual event that brings the need-to-know stories across retail and FCMG to the stage. The heroes behind the headlines will share the latest industry ideas with leaders across all key sectors.
This year Retail Week has joined forces with The Grocer to allow colleagues, competitors and change-makers to meet in a space that stimulates conversation and builds networks.