In this period, Primark's revenue amounted to 3.15 billion British pounds (3.56 billion euros), up by 18% on a reported basis and by 15% at constant currency rates, as compared to the same period of last year. Associated British Foods, which owns the retailer, added that like-for-like sales in stores worldwide grew by 11%, year-over-year, due to higher unit volumes, higher average selling prices, and a normalized level of markdown; additionally, sales in the week leading up to Christmas day hit a new record.

"To date, Primark trading has been good in all our markets and was ahead of expectation. We had a very strong Christmas period. We believe our proposition of great quality at affordable prices and attractive store experience is proving increasingly appealing to both existing and new customers", said the parent of Primark in the trading update.

The UK market recorded a "step-up in performance", with sales growing by 15% in the 16 weeks to the 7^th of January, on a comparable basis to the same period of 2021, driven by stronger foot traffic in major city centre as well as on high streets and retail parks. European sales, excluding the UK, rose by 16% in this period. The group pointed out that opened 12 new stores in Europe in the past last years, highlighting the performances of the new stores in Bucharest, Romania, and Caserta, near Naples, in Italy.

In the US, "we are encouraged by sales growth of 4% in the US given the strength of prior year comparatives, which were supported by COVID related government stimulus". Associated British Foods reported that it is planning to nearly double Primark’s selling space in the US in this financial year, having "opened three stores towards the end of the period".

Full Year Outlook

"Early trading in this new calendar year has been encouraging, but macroeconomic headwinds remain and may weigh on consumer spending in the months ahead. We had an accelerated programme of store openings in the period and remain on track to add a net 1 million sq ft of retail selling space in this financial year", added the company.

Primark intends to open a further 17 stores in the remaining fiscal year*: seven in the US, three in France, three in Spain, two in Italy, one in Romania, and the first store in Slovakia. "We have recently signed a lease for our first store in Hungary, which will become Primark’s 17^th market, in Budapest”, announced AB Foods.