We inform you that on this website we use our own and third-party cookies to collect information about its use, improve our services and, where appropriate, display advertising by analyzing your browsing habits. You can expressly accept its use by pressing the "ACCEPT" button or configure and select the cookies you want to accept or reject in the settings. You can also get more information about our cookie policy here.

The global fashion business journal

Sep 29, 20206:12am

Primark to expand footprint in the American market

The Irish company who has just released an update prior to entering the close period for its interim results for the 24 weeks to February 2020 has announced two additional store openings in the American market.

Feb 24, 2020 — 10:04am
MDS
Save

Primark to expand footprint in the American market

 

 

Primark strengthens its footprint in the American market. The Irish retailers has just released it trading updates prior to entering the close period for its interim results for the 24 weeks to February 2020. The two-store opening will take place at American Dream, New Jersey, Sawgrass Mills, Florida. The business in the American market continued to perform strongly, seeing growth in like-for-like sales, particularly in its store in Brooklyn which experienced strong trading.

 

The low-cost company expects its sales to grow by 4.2% ahead of last year in the first half. In the UK, the company expects a growth of 3.0% in clothing, footwear, and accessories, which will be driven by new selling space and partially offset by a 1.3% decline in like-for-like sales. Primark saw positive results in the UK market over November and December, however, this growth has come to fall in January and February in comparison to the prior year.

 

The market with the biggest forecasts is that of the Eurozone, it is expected to grow by 5.3% ahead of last year at constant currency with particularly strong sales growth in France, Belgium, and Italy. The recently opened store in Milan exceeded expectations along with the store in Ljubljana that also kept a constant solid trade.

 

The Irish retailer who sources a broad assortment of its product from china stated that “We typically build inventories in advance of Chinese New Year and, as a consequence, are well stocked with cover for several months and do not expect any short-term impact,” in its forecast report. However, it also mentioned that the company is working closely with its suppliers in China to assess the impact of the coronavirus on their factories, that said, if delays are prolonged further, there will be a risk of a supply shortage in this financial year. 

Advertising
Participation rules

info@themds.com

 

Validation policy for comments: 

 
MDS does not perform prior verification for the publication of comments. However, to prevent anonymous comments from affecting the rights of third parties without the ability to reply, all comments require a valid email address, which won’t be visible or shared.
 
Enter your name and email address to be able to comment on this news: once you click on the link you will find within your verification email, your comment will be published.

0 comments — Be the first to comment
...