2023-01-24 22:32:13

Sales smash records atPrimarkAs shoppers defy the economic gloom

Logo Daily Mail
Daily Mail
By Emily Hawkins

Primark toasted record Christmas sales as it declared the cost of living crunch has had a less dramatic impact on demand for new clothes than feared.

In an upbeat trading statement, the budget chain said revenues hit 3.15billion in the 16 weeks to January 7 up 15 per cent on the same period last year.

Sales in the week leading up to Christmas Day hit a record high as cheap prices drove shoppers into its stores.

John Bason, finance director at Primark owner Associated British Foods, said that despite nervousness about demand this winter, a real decline in spending just didnt happen.

He added: Im not remotely saying some people arent finding it very difficult, were all being squeezed but it hasnt been as dramatic as we thought.

The update cemented Primark as one of the Christmas winners on the High Street alongside rivals such as Marks & Spencer and Next. Online rivals Boohoo and Asos struggled, however, as shoppers flocked back to the High Street.

Richard Hunter, head of markets at Interactive Investor, said: Primark is back with a bang given changing shopping habits.

Continue read on dailymail.co.uk

Logo Daily Mail
Business / FinanceBy Harry Wise2023-01-24 11:37:25
Associated British Foods revenues climbed in the final weeks of 2022 and strong demand and price hikes helped offset a tougher economic backdrop. Turnover at...

Logo Nasdaq
Business / FinanceBy Rtt News2023-01-24 07:20:06
(RTTNews) - Associated British Foods plc (ASBFY.PK, ABF.L) reported Group revenue for the 16 weeks ended 7 January 2023 of 6.70 billion pounds, up 20% from...

EconomyBy Karen Gilchrist2023-01-24 13:21:55
Key Points British supermarket chain Tesco has warned that some food producers may be taking advantage of inflationary pressures, raising prices more than...

Logo BBC
TechnologyBy Https://Www Facebook Com/Bbcnews2023-01-24 22:03:57
Microsoft sales have slowed sharply as customers facing economic strains cut their spending on technology. The firm said sales rose just 2% in the three...

Logo PR Newswire
Over 2/3 (68%) of sole traders already feel burnt out just days into the new year Just 1 in 5 sole traders didn't work at all over the Christmas break, with...

Logo Daily Mail
Business / FinanceBy Live Commentary2023-01-24 07:47:13
The FTSE 100 will open at 8am.Among the companies with reports and trading updates today are Associated British Foods, Capricorn Energy, Marston's, City Pub...

Logo Nasdaq
Business / FinanceBy Trefis2023-01-24 08:24:25
Note: Home Depot FY21 ended on January 30, 2022. Home Depot stock (NYSE: HD), the worlds largest home improvement retailer, has declined by about 6% over the...

Logo Nasdaq
Business / FinanceBy Bnk Invest2023-01-24 18:46:55
In trading on Tuesday, packaging & containers shares were relative laggards, down on the day by about 0.9%. Helping drag down the group were shares of...

Logo RTTNews
EconomyBy Rtt News Staff Writer2023-01-24 09:09:09
U.K. stocks declined on Tuesday as investors awaited the latest business activity data for directional cues. The benchmark FTSE 100 dropped half a percent to...

Logo U.S. News & World Report
PoliticsBy Associated Press2023-01-18 17:29:44
NEW YORK (AP) Sales for the holiday 2022 season slowed more than expected from its blistering pace a year ago as higher borrowing costs and higher inflation...

Logo The Business Journals
Business / Finance2023-01-23 22:37:27
The Seattle-based slashed its outlook for 2023 as it works to clear out low-priced inventory that's not selling as well as premium brands.

Logo Nasdaq
Business / FinanceBy Go Banking Rates2023-01-24 15:15:01
Need a few home essentials to refresh your living space? Stop by Dollar Tree anytime in January to find everything you need! Explore: GOBankingRates Best...

Logo Benzinga
Business / FinanceBy Shivani Kumaresan2023-01-24 15:17:04
PACCAR Inc PCAR reported fourth-quarter FY22 sales growth of 22% year-on-year to $8.13 billion. Net sales and revenues from Truck, Parts, and Other improved...

Business / FinanceBy Melissa Repko2023-01-18 16:21:01
Key Points Holiday sales fell short of industry expectations, as shoppers felt pinched by inflation and rising interest rates. Sales during November and...

Logo PR Newswire
NEW YORK, Jan. 23, 2023 /PRNewswire/ -- According to Technavio, the global luxury e-tailing market size is estimated to grow by USD 27,533.22 million from...

Logo Nasdaq
Business / FinanceBy Bnk Invest2023-01-24 18:46:53
In trading on Tuesday, agriculture & farm products shares were relative leaders, up on the day by about 1.5%. Leading the group were shares of...

Logo Daily Mail
Business / FinanceBy Maggie Pagano2023-01-23 21:50:46
Morrisons has just slashed prices on hundreds more items, from basic foodstuffs such as potatoes to more luxurious sirloin steak. The supermarket giant hopes...

Logo The New York Times
Business / FinanceBy Karen Weise2023-01-24 21:34:14
The company, which announced plans to lay off 10,000 workers last week, had warned that is was facing a significant slowdown in the growth of its sales....

Logo Daily Mail
Business / FinanceBy Lee Boyce2023-01-24 21:50:59
Last week, in part one of our Never Go Broke series, we revealed the secrets of building a giant pot of cash from the junk in your home. Now its time to...

Logo Nasdaq
Business / FinanceBy Bnk Invest2023-01-24 12:16:19
In recent trading, shares of Shopify Inc (Symbol: SHOP) have crossed above the average analyst 12-month target price of $43.92, changing hands for...