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Primark’s revenues up five per cent

 

Primark the European fast fashion retailer that offers men’s, women’s, kids’, home, beauty, active wear has seen a rise in revenues. Primark’s adjusted operating profit fell one per cent in constant currencies for the 24 weeks to February 27compared with the previous year, and three percent at actual currency rates, as the dollar strengthened against the euro. Sales were up seven per cent in constant currency on 2015, driven by increased retail selling space. Revenues rose five per cent but operating profit was down three per cent.

Primark had a few tens of millions fewer units of products across the entire group, compared to the same period last year. Its responsive supply chain is key to riding out unpredictable weather patterns and shifts in customer behavior. The chain has managed well with the inventory it had in January and February. It has kept a close eye on how sales were developing last autumn and reduced its buying volumes which ultimately led to less markdown in January and February. That has shown in its bottom line.

Primark's sales were hit by warm weather over the Christmas period. Profits at the chain were affected by currency movements. However the brand plans to open six more stores in the US this year.

 

 
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