Ireland's Primark posts 13% sales growth in Q3

27 Jun '23

2 min read

Pic: Helen89 / Shutterstock.com

Insights

Irish retailer Primark's Q3 sales grew by 13 per cent, driven by seasonal ranges and store expansions.
The company's like-for-like sales increased by 7 per cent.
New stores were opened in Italy, Spain, Slovakia, and the US.
Alongside these physical expansions, the company also rolled out its upgraded website in Germany, Spain, Italy, and the US.

Primark, an Ireland-based clothing and accessories retailer, has shared its third quarter (Q3) trading update. The brand reported a 13 per cent growth in sales for the 12 weeks leading up to May 27, 2023, with like-for-like sales increasing by 7 per cent.

Seasonal clothing and accessory ranges were reported as key drivers of growth, performing well as the summer season kicked off in Primark's markets.

The UK and Europe have been vital to Primark's overall sales growth. Like-for-like sales growth in the UK stood at 6 per cent, while European markets, excluding the UK, saw an increase of 7 per cent. This growth has brought the year-to-date like-for-like sales growth to 9 per cent, the company said in its trading update for the 12 weeks to May 27, 2023.

Furthermore, the company's flagship city centre stores continued to report strong sales figures. New and extended stores also provided a substantial contribution to Primark's performance.

As part of this expansion plan, Primark opened four new stores during Q3 in Venice, Italy; Walden Galleria, Buffalo, New York; Toledo, Spain; and Bratislava, Slovakia. Notably, the Bratislava store is Primark's first in Slovakia, expanding the company's footprint to a 16th market. Primark also made significant headway in the US market, securing a lease for its first store in Texas.

Alongside these physical expansions, the company rolled out its upgraded website in Germany, Spain, Italy, and the US within the period and launched it in France soon after the quarter ended.

Fibre2Fashion News Desk (DP)

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