- Q3 sales up 207% year-on-year
- Like-for-like sales up 3% on two-year basis
- Company raises profit outlook; shares up 5%
LONDON, July 1 (Reuters) – Primark’s sales exceeded pre-pandemic levels and management expectations in its latest quarter as stores reopened after COVID-19 lockdowns and consumers splashed out to update their wardrobes.
The fashion retailer’s owner Associated British Foods (ABF.L) said Primark’s sales were up 207% year-on-year to 1.61 billion pounds ($2.23 billion) in the 16 weeks to June 19, while like-for-like sales were up 3% compared the same period two years ago, before the pandemic hit.
In the same period last year the first lockdowns closed all Primark stores for an average of 12 weeks. Primark has stores across Europe and the United States, but does not trade online.
This year one in five stores were open at the beginning of the quarter, while all 396 were open at the end.
Shares in AB Foods were up 5% at 0837 GMT, extending…