For the 2019 fiscal year, Primark’s revenues were up 11.7 per cent. Operating profit was up eight per cent. Like for like sales were down two per cent on a global scale. The low-cost retailer has 138 stores in Europe in eight countries excluding the ones in the UK and the Republic of Ireland, who together alone account for 226 stores. Primark has highlighted its strong trading in the UK, Spain, France, Italy and the US.
Out of Primark’s overall 373 stores, nine are in the US. Four more are planned for the near future. Primark first entered the US in 2015, introducing its products to a myriad Americans, thirsty for its everyday low price model, a system different from the majority of other US retailers who operate with extensive discounting, promotions and coupons. The Irish retailer continues to pursue the American dream at a slow pace. The US market is the biggest market in terms of fashion sales and one of the most complex alongside the high competition.
The evolution of Primark can be debatable in terms of its stagnation and slow growth for a company that only operates with physical stores amid an era driven by digitalization and e-commerce.