Primark sees sales pick up after weaker Xmas period

Primark owner Associated British Foods said sales since the beginning of the year had picked up following a weak Christmas period when warmer weather hit performance.

Primarks range has been well received at its two new stores in the United States. Picture: Lisa Ferguson

Early trading at the fashion chain’s two new stores in the United States was also described as “encouraging”, with the range and concept being well received.

The comments came in a pre-close trading update for the first half to 27 February in which it predicted “some progress” in adjusted operating profit for the six months but said adjusted earnings per share for the period is set to be “slightly” lower.

Looking at the full year, it reduced its estimate for the effects of currency translation to £10 million from its previous estimate of £25m, on the back of sterling weakening recently.

“We now expect only a marginal decline in adjusted earnings per share for the group for the full year,” the group said.