Primark's UK trading in June stronger than Q3 -finance chief
Reuters
Published Jun 26, 2023 08:33
LONDON (Reuters) - Primark's trading in the UK in June was stronger than the 6% like-for-like sales growth achieved in the 12 weeks to May 27, benefiting from warm weather, the finance chief of parent Associated British Foods (LON:ABF), said on Monday.
Asked if June trading in Britain had been better than the third quarter outcome finance director Eoin Tonge said "absolutely".
Primark's overall like-for-like sales rose 7% in its fiscal third quarter, illustrating consumers' resilience despite their spending power being squeezed by high inflation.
"Every quarter that's gone by, it keeps on reminding us that the consumer has been more resilient than the doom and gloom (commentary)," Tonge told Reuters.
"The doom and gloom has been around now for almost 12 months and the consumer continues to outperform the doom and gloom."
He said he was "cautiously optimistic" that consumers will continue to show resilience.
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Written By: Reuters
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