Primark sales are set to have jumped by more than 60 per cent over the latest six months as parent company Associated British Foods (ABF) hailed the recovery of the fashion business.
ABF said the impact of inflation on raw materials and Primark’s supply chain was offset by cost-cutting and currency changes during the half-year.
However, it said its grocery business, which includes brands such as Ryvita and Twinings, has seen profit margins impacted by surging costs, and confirmed it will increase the price of some products.
In a statement, ABF said: “Primark sales for the first half are expected to be well over 60% ahead of last year.
“All of our stores are trading and remained open throughout the half-year, except for short periods of store closures in Austria and The Netherlands.
“Sales in our UK stores are well ahead of last year.
“Like-for-like sales have improved and are expected to be nine per cent below two years ago, and total sales are expected to be eight per cent below two years ago.
“Stores in retail parks and town centres continue to outperform destination city centre stores, with like-for-like sales in retail parks ahead of pre-Covid levels.”
