Associated British Foods, Irish fashion chain Primark‘s parent company, says the chain’s turnover will grow 4 % in the first half of the fiscal year. Excluding exchange rate fluctuations, it would have experienced a 7.5 % increase.
More than 1 million sqm floor space
Primark expects its like-for-like turnover in the first half of the year to remain stable compared to the year before. The chain performed strongly in the first few months, but the warm winter meant that its Christmas performance was below expectations.
The fashion chain’s turnover is mainly up thanks to its increasing floor space. Its six new stores brings the total to 299 and its floor space now surpasses 1 million sqm.
Primark opened its second store in the United States, in Pennsylvania, and it seeks to open another 6 this calendar year. It will also open its first Italian store in Arese, near Milan, and another one in Florence in the summer of 2017. All in all, the Irish chain seeks to open another 130,000 sqm of store space in its current fiscal year.
It will also keep expanding its logistics, with a new distribution center in Roosendaal (Netherlands) as an example of its further expansion.
