Primark sales grows by 7% in Q3 helped by Brexit

AB Foods’ fashion giant Primark increased sales by 7% in the third quarter ended 18 June helped by the pounds’ fall, which has seen a sharp decline against the dollar and euro since Britain voted to leave the European Union on 23 June.

In a statement, Primark said that its third quarter figures “benefited from sterling weakness and so, cumulatively, are now also 7% ahead.”

The company also pointed out that Primark operates supply chains for its stores in the UK, US and Eurozone with little cross border trading.

Sales at actual rates were also up by 7% in the last 16 weeks driven by increased retail selling space. Primark added 8 million sq ft of retail space since the beginning of the financial year and opened 11 new stores in the third quarter.

As of 18 June, the Irish retailer trades from 310 stores across its markets. Primark said it expects to add a further 3 million sq dt of selling space by the end of the year, including two new stores in the US in greater Philadelphia and New Jersey as well as an upsized store in Paris.