Primark reported sales for the year ending September 12 were 13% ahead of last year at constant currency. This was a total of £5.3bn for the 12-month period, driven mainly by their increase in retail selling space of 9% in Germany, Belgium and the Netherlands. Primark also opened its first store in the US on September 10. They added 20 new stores and almost 1m square feet to its retail portfolio, closing the year with 293 stores. They are planning next year’s increase to even greater at 1.5m square feet, most of which will be in the Northeast US, UK, Spain and France. It is planning to open its first Italian store in Arese, Northwest Milan, early next summer.
Like-for-like sales were up 1% to the previous year and high sales densities were achieved by stores opened in the last 18 months. Operating profit was up %5 at constant currency to £637m but adjusted operating profit margin fell 0.8% to 12.6% for the year.