Primark made £3.6bn in revenue during Q3, an increase of 47% year-on-year
Associated British Foods, the parent company of Primark, increased the clothes retailer’s profit outlook for the year after its sales surpassed expectations on reopening following lockdowns.
During Q3 ending in June, Primark confirmed its revenue reached £1.6bn, up from £0.6bn over the same period a year ago. This is having reopened all of its stores, in addition to opening seven new stores.
Primark said its profit would be approximately the same as last year, which is an increase compared to its previous guidance of “somewhat lower”.
Associated British Foods revealed that Primark made £3.6bn in revenue during Q3, an increase of 47% year-on-year.
While the sudden increase in sales can be put down in part to previous lockdowns, Primark has surpassed its exceptions due to pent-up demand from consumers.
Its performance varied depending on the region as coronavirus restrictions are different depending on the area.
Shares in associated British Foods are up by over 3.29% in the early trading hours on Thursday.
Primark is striving to reduce its stock levels, which increased to £400m above usual levels as its stores were forced to close down during 2020.
It expects for stock levels to get back to normal by the end of the current year, on the assumption that its shops remain open.