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Primark Q3'FY14 sales escalate 22%
10
Jul '14
Associated British Foods plc issues its third quarter management statement, in accordance with the requirements of the UK Listing Authority’s Disclosure and Transparency rules.
 
The figures stated below relate to the 40 weeks ended 21 June 2014.
Headlines
-Primark third quarter sales 22% ahead at constant currency
-Continued profit progress at Ingredients
-EU sugar prices have continued to fall
-Full year adjusted earnings per share now expected to be ahead of last year
 
Retail
Primark’s revenue growth in the quarter accelerated to 22% at constant exchange rates bringing the year-to-date sales increase to 17%. This was driven by like-for-like growth, a further increase in retail selling space and superior sales densities in our new stores. In the third quarter, the strong like-for-like sales growth benefited from the warm weather, especially compared to the very cold months of March and April last year, and built further on strong trading in May and June last year. Year-on-year selling space has increased by 1.0 million square feet from 9.0 million square feet last year. Operating margin remained in line with the first half, continuing to benefit from warehouse and distribution efficiencies and lower freight rates.
 
At 21 June 2014 we were operating from 275 stores and total retail selling space has now reached 10 million square feet. Since the half year a further nine stores have been opened including relocations in Cardiff and Plenilunio, in Spain. We now have five stores in France with three very successful openings during the quarter in the suburbs of Paris, adding to Marseilles and Dijon which were opened in the first half.
 
We also opened in Cologne in Germany, Nijmegen in The Netherlands, Logrono in Spain and Canterbury in the UK. A small store in Dundalk in the Republic of Ireland was closed in the period. Plans for the first store openings in the north east of the USA towards the end of 2015 remain on track. 


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