Primark owner’s profits jump despite early summer crash

Overall, Primark’s sales in the UK and Ireland rose 0.7%, offsetting the impact of new store openings.

Its owners also expressed hope that sales of the inexpensive brand will increase by the end of the year.

While sales of summer footwear were dampened by wetter weather, “we had a very encouraging start to sales for our fall/winter collection,” it said.

The British retailer said it performed well in its key emerging markets, including the US, France, Spain, Italy and central and eastern Europe.

Primark saw overall sales rise by 6% and said this was helped by collaborations with celebrities such as Rita Ora, as well as strong sales of shirts and men’s loungewear.

This comes as the British Retail Consortium said overall retail sales in October increased by 0.6% year on year, down from the 2.6% increase seen in October 2023.

Its chief executive, Helen Dickinson OBE, said the figures were “disappointing”.

“This was partly due to the half-year price drop that occurred a week later this year, which weakened October’s performance, and November sales are likely to see an even stronger rise,” she said.

Ms Dickinson suggested the budget and rising energy bills may have “spooked some consumers” and blamed milder weather recently for delaying winter shopping for items such as coats and jackets.