Trending: Primark Posts Record Christmas Week as Shoppers Return to Stores
24 Enero 2023 - 6:17AM
Noticias Dow Jones
1146 GMT - Primark is among the most mentioned topics across
news items over the past four hours, according to Factiva data,
after its parent Associated British Foods PLC said the retailer had
a record Christmas week, with sales for the 16 weeks ended Jan. 7
up 18%, or 15% on a constant-currency basis. ABF attributed the
performance to stronger footfall at its stores given that the
previous year was hurt by the Covid-19 omicron variant. ABF said
sales were supported by higher unit volumes, average selling prices
and a normalized level of markdown. RBC Capital Markets analysts
Richard Chamberlain and Manjari Dhar said that Primark's sales rise
of 18% beat their expectations for a 13% increase, leading to a
better-than-expected adjusted operating margin but is still down
compared with a year ago given inflationary pressures. "We think
that Primark's margin outlook has improved recently given a firmer
GBP, lower raw-materials costs and improved supply terms," the
analysts say. Jefferies says in a note that Primark's lack of price
elasticity is helping drive sales gains amid shallower margins in
the current year, but the lack of overall upgrades could be an
issue. Dow Jones & Co. owns Factiva. (ian.walker@wsj.com)
(END) Dow Jones Newswires
January 24, 2023 07:02 ET (12:02 GMT)
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