Primark sales hit £1.6bn following reopening

Primark has reached record sales of £1.6 billion in the third quarter of the year after all of its stores reopened.

Revenue was well ahead of the same period last year, when sales only reached £0.6 billion. During this time lockdowns meant that on average Primark stores had been shut for 12 weeks.

Associated British Foods (ABF), which owns Primark, said that sales across its reopened stores in the 16-weeks to 19 June were ahead of expectation in all markets.

“A number of new sales records were set and the like-for-like performance was much improved on earlier periods during this pandemic reflecting an increase in both confidence and willingness to spend by our customers,” said the retailer in its financial statement.

Primark’s like-for-like sales were 3 per cent up on a two-year basis in the quarter, but volatility remains high and performance varied by region depending on the degree of restrictions related to COVID-19.

ABF said that repayment of monies due from the job retention schemes will be made before the financial year end and now covers the UK, Republic of Ireland, Portugal, Czechia and Slovenia, for a total of £96 million.

This compares to the estimate of £121 million made at the time of the interim results announcement for all job retention scheme funds received by Primark from European governments and reflects those markets where there is an established process for repayment.

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