// Primark owner ABF upgrades profit forecast thanks to solid sales from the value fashion giant
// Total group sales came in 16% higher year-on-year at £4.7bn in the third quarter
Primark owner Associated British Foods has upgraded its profit forecast for the full year after the fashion retailer posted surging sales.
Primark total sales jumped 13% to almost £2bn as like-for-like sales grew 7%, which it credited to “higher average selling prices” and soaring inflation.
Across the UK, like-for-likes were up 6%, slightly behind the 7% notched up in Europe.
Primark said that seasonal clothing and accessories, as well as health and beauty sales were “particularly strong”.
It also highlighted the solid performance of its flagship city centre stores.
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The fast fashion brand launched its website in Germany, Spain, Italy, France and the US and continued trialing click-and-collect services over the quarter.
ABF said: “Primark has continued to trade in line with our expectations, with summer ranges performing well as the season started in our markets.
“As well as seasonal clothing and accessories, sales in health and beauty products were particularly strong. Sales in our flagship city centre stores have continued to be good.”
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