UK’s high-street fashion retailer Primark has revealed that its third quarter sales have surged post the lifting of lockdowns as people sought to revenge shop.
Despite the figures still being 12 per cent lower than that of last year for the same period, Primark’s parent company Associated British Foods (ABF) said that the company was on the course to secure a profit of 350 million pounds with total sales expected to exceed 2 billion pounds.
Ever since the opening of the stores in May, June and July, ABF has been reassured and encouraged by the increasing number of transactions driven by footfall and the average basket size being significantly higher than last year, reflecting pent up demand.
Primark was one of the first retailers to halt orders and cut production when it was forced to shut down some 190 stores in the UK earlier in March.
The rise in the work-from-home trend has led to higher demand of nightwear and leisure wear while lipsticks have seen a significant fall.
The retailer said it had been outperforming its competitors and in the past 4 weeks achieved its highest ever value and volume market shares for this time of year.
Markdowns have been low as compared to other retailers like M&S, but still Primark has managed to sell off a plentiful share of its spring and summer clothes, leaving lesser unsold stock lying around till next year.