Primark, the Irish fast fashion retailer, expects its annual profits to be better than what it was in 2020.
The Dublin-based retailer, has reportedly, stated that its sales in the second half of 2021 is estimated to be £3.4 billion.
Besides, the retailer expects its operating profit margin in the second half to be more than 10 per cent. Notably, Primark’s prediction for full-year adjusted operating profit, stated before repayment of job retention scheme monies, is now ahead of the profit delivered in 2020.
Thanks to robust trading in the UK and some other European nations, Primark witnessed its Q3 like-for-like sales to be 3 per cent ahead compared to what it was during the same quarter two years back.
In the Q4, however, the like-for-like sales are expected to be 17 per cent lower than Q4 two years ago – all thanks to changes in public health measures in major markets to stop the spread of Delta variant.
Talking of UK apparels, footwear and accessories’ markets, data for the 12 weeks from 31 May to 22 August showed that Primark had the same value share of the total market compared with the same period in 2019.
The data, notably, includes all channels and e-commerce sales.
Going forward, in addition to opening a new store in Philadelphia (the US) later this week, Primark plans to unveil new and improved customer-facing website in the next calendar year. There are also efforts to strengthen its digital marketing capability.
Primark generated £7.79 billion in 2019, and is known for kidswear, womenswear, menswear, homeware and footwear, amongst others.