Primark owner ABF (Associated British Foods) has reported a rise in profits despite a wet summer which dampened its sales of swimwear and holiday wear.
The fast fashion brand owner announced a 43% rise in pre-tax profits to £1.9 billion in the year to September 14.
It said “difficult weather conditions” had affected the number of people visiting its stores between April and June.
It comes as the British Retail Consortium (BRC) suggested shoppers were holding off spending on more expensive items until the 'Black Friday' sales.
Overall, Primark's sales in the UK and Ireland increased by 0.7%, excluding the effect of new store openings.
Its owners also said they hoped sales of the low-cost brand would increase toward the end of the year.
Although sales of summer shoes were wiped out by wetter weather, “we have had a very encouraging start to sales of our fall/winter ranges,” the statement said.
The British retailer said it recorded strong performance in its key growth markets, including the United States, France, Spain, Italy and Central and Eastern Europe.
Primark reported 6% growth in sales overall and noted that collaborations with famous faces like Rita Ora had helped, as well as strong sales of men's shirts and leisure items.
It comes as the British Retail Consortium said total retail sales rose 0.6% year-on-year in October, down from 2.6% in October 2023.
His boss, Helen Dickinson OBE, described the figures as “disappointing”.
“This is partly due to the mid-term decline a week later this year, which depressed October's figures, and November sales will likely see a larger rise,” she said. declared.
Ms Dickinson suggested the budget and rising energy bills could have “scared off some consumers” and blamed recent warmer weather for delaying winter shopping for items like coats and jackets.
