ABF news and archive

Primark interim CEO reportedly being considered for permanent position

Eoin Tonge, Primark’s interim chief executive officer, is reportedly being considered for the permanent position, with an official announcement expected to be made next month. According to Sky News, Primark’s parent company Associate British Foods (ABF) is getting closer to installing Tonge to the helm as the retailer continues to tackle a...

Member

Business

AB Foods-owned Primark posts increased profit margins

Primark sales were up 7.5 percent for the 24 weeks to March 2, 2024 marked by a slow start for many cold weather categories due to unseasonal warm weather, followed by strong Christmas trading with seasonal ranges selling through well. However, the company, part of the diversified Associated British Foods (ABF), said in a release that adjusted...

FeaturedMember

Business

Primark H1 sales up 19 percent as UK, EU markets shine

Sales at fast fashion giant Primark increased 19 percent in the first half as the company experienced “strong like-for-like sales growth driven by price and volume”. The budget fashion chain made sales of 4.23 billion pounds in the six months to March 4, up from the 3.54 billion pounds it posted a year earlier. On a constant-currency basis,...

FeaturedMember

Business

Primark ups FY guidance on strong H1 sales

Primark has upped its guidance for the full year after seeing robust sales growth in the first half of the year. In a pre-closing trading update, the company said it expects half-year sales to be 16 percent above levels from the prior year as it continues to rebound from the pandemic. On a like-for-like basis, sales were up 10 percent, with the...

FeaturedMember

Business

Primark FY sales surge, but parent ABF warns on profits

Sales at fast fashion giant Primark have surged in its current year, but its owner has warned of a drop in profits next year amid rising inflation. In a pre-close update for the year ending September 17, Associated British Foods (ABF) said it expects sales at Primark to jump 40 percent to 7.7 billion pounds on a constant currency basis. It said...

FeaturedMember

Business

Primark commits to paying more to support its suppliers

Fast-fashion retailer Primark has agreed to pay more to suppliers, releasing a statement saying it will agree to take more than 300 million pounds of additional products both finished and in production. The commitment will see Primark paying for some 370 million pounds of additional orders for product over and above the 1.5 billion pounds of...

FeaturedMember

Business

Primark pledges to pay factory workers

Primark has pledged to assist factory workers during the coronavirus crisis after establishing a fund to cover the wages component of orders that have been cancelled. The fast-fashion retailer closed its entire store estate on March 22, due to the global Covid-19 health crisis, which has resulted in the loss of sales of 650 million pounds every...

FeaturedMember

Business

Primark closes stores and cancels future orders

Fast-fashion retailer Primark has closed all of its UK stores, following closures elsewhere in the world, and has cancelled all future orders due to the spread of the coronavirus. The retailer, owned by Associated British Foods, said that the response was due to what it was calling a “rapidly changing situation regarding Covid-19” and that all...