Primark has become the latest retailer to blame recent warm weather for its sales slump, joining the ranks of SuperGroup, Next and Arcadia.
Shares in Associated British Foods, which owns Primark, fell by almost 5% after the chairman warned that like-for-like sales were currently below expectations.
The update at its annual meeting saw shares fall by 145.57p, or 4.6%, to £30.54. Primark’s overall sales, including those from new store openings, have increased by 10% year-on-year to September 13. last year revenues rose by 16%.
Analysts expect ABF to post a slight increase in pre-tax profits for the next year from £1.02bn to £1.07bn, as Primark offsets pressure on the company’s sugar business.
Daily Telegraph, 41
FT Weekend, 17
Times, 57
