Fast-fashion giant Primark leaped over struggling UK high street with strong Christmas trading
: Fast-fashion giant Primark appears to have sidestepped the malaise hanging over British high street, as its parent company Associated British Foods reported strong Christmas sales for the brand.sales at the retailer in the 16 weeks to January 4 were 4.5% ahead of last year, attributed to a rise in the number of stores with openings in Spain, Italy, Germany and Portugal in the last quarter.
In the U.K., sales were 4% ahead of last year, the group said, with trading “particularly good” over the key Christmas months of November and December. Like-for-like sales were marginally down. Across Europe, sales were 5.1% ahead of last year, boosted by progress in France and Italy as well as Germany, and sales also grew in the U.S., a traditionally tough market for British retailers.
But operating profits were hit by a stronger dollar, which made U.S. purchases more expensive, but ABF said this was offset by a fall in the price of fixed costs and the cost of goods. Shares of parent company ABF, which is also one of the world’s largest sugar and yeast producers, rose by 2.50% to 2616p a share off the back of the trading update.: The retailer will open 18 new stores this year, including its first store in Poland this Spring.“Was there a degree of caution by the UK consumer ? Possibly yes.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
5 things to know before the stock market opens ThursdayU.S. stock futures were pointing to gains strong enough to put the Dow at all-time highs at Thursday's open on Wall Street.
Read more »
Facebook Stock Continues To Climb, Despite Regulatory FearsShares of the social media giant are trading near record highs.
Read more »
What to watch today: Trade deal signing, Target's holiday sales disappoint and Democrats debateTrading has turned cautious ahead of the high profile signing of the U.S.-China phase one trade deal, with U.S. stock futures mixed following an up-and-down session Tuesday.
Read more »
Record high stocks pause to gauge China-U.S. trade outlook, company earningsRecord high stocks pause to gauge the U.S.- China trade outlook and company earnings
Read more »
Stocks Hit Record Highs As U.S. Signs Phase One Trade Deal With ChinaStocks hit record highs as U.S. signs Phase 1 trade deal with China by skleb1234
Read more »