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Home News Associated British Foods' Q1 revenue reaches $8.4 bn, Primark up 2%

Associated British Foods' Q1 revenue reaches $8.4 bn, Primark up 2%

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Associated British Foods' Q1 revenue reaches $8.4 bn, Primark up 2%

Associated British Foods, a British retailing company, has reported total revenue of £6,732 million (~$8,400 million) in the first quarter covering 16 weeks ended January 4, 2025, reflecting a decline of 2.2 per cent at actual currency but a modest growth of 0.5 per cent at constant currency. The sales of the company's fashion retailer, Primark, grew by 2 per cent.

Retail revenue of the company stood at £3,362 million (~$4,195 million), showing a slight decline of 0.4 per cent at actual currency but a positive increase of 1.9 per cent at constant currency, Associated British Foods said in a press release.

Associated British Foods has reported Q1 revenue of £6,732 million (~$8,400 million), down 2.2 per cent at actual currency but up 0.5 per cent at constant currency.
Retail revenue was £3,362 million (~$4,195 million).
Primark's sales grew 2 per cent, with declines in the UK and Ireland but strong growth in Europe and the US.
Primark plans low-single-digit sales growth in 2025.

Primark’s sales in the UK and Ireland, which accounted for approximately 45 per cent of total sales, declined by 4 per cent, with like-for-like sales down by 6.0 per cent. In Spain and Portugal, which represented around 18 per cent of sales, revenue grew by 9 per cent. Sales in France and Italy, which made up approximately 16 per cent of the total, increased by 5 per cent. In Central and Eastern Europe, which accounted for about 3 per cent of sales, revenue surged by 22 per cent, driven by recent store openings. The US market, contributing around 5 per cent of sales, saw an increase of 17 per cent. In Northern Europe, which made up approximately 13 per cent of sales, revenue rose by 3 per cent, with like-for-like sales growing by 4.9 per cent. Despite these gains, Primark’s overall market share declined slightly to 6.8 per cent.

“Overall, we continued to make good progress with the execution of our store rollout programme in Europe and the US, which contributed around 4 per cent to total sales growth in the period. We opened eight new stores, extended one store, right-sized two stores and relocated two stores. Overall, Primark’s total like-for-like sales declined by 1.9 per cent, reflecting lower sales in the UK and Ireland,” said Associated British Foods.

Outlook

Primark is now targeting low-single digit sales growth in 2025. This will be driven by its store rollout programme in growth markets in Europe and the US, which is on track to contribute around 4 per cent to total Primark sales growth, offset by the weaker like-for-like sales in the UK and Ireland during the autumn.

Fibre2Fashion News Desk (SG)