Primark full year profits surge 15% to £9bn

Primark has reported a 15 per cent year on year profits rise to around £9 billion in its full financial year ended 16 September.

The retailer said the figure reflected a sales increase in all of its markets, attributing this to factors including “carefully selected” price increases taken to partially offset high and volatile input cost inflation, and “well-received” product ranges.

Primark described its product ranges across the year, including well-received seasonal product lines such as velvet plush leggings, and a “resurgence” in women’s partywear, as a source of “differentiation and competitive advantage”.

The UK market experienced an 11 per cent profit increase on 2022, a sales performance achieved “despite unhelpful weather impacts” in Primark’s third and fourth quarters, which it said resulted in slightly lower footfall in contrast to the first half of the year when footfall was “significantly higher.”

Despite unseasonal conditions and poor weather in the UK, Primark concluded that its core product ranges remained in robust demand and partially offset “inevitable volatility” in sales more dependent on fashion and season.

Noting that sales increased in both halves of the year – by 17 per cent to £4.2 billion in the first half and 14 per cent in the second half to £4.8 billion – Primark added that the rollout of its enhanced customer website and good footfall were further contributors to its performance across the year.

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