The CEO of parent company ABF cited poor consumer confidence and the fact some of its competitors are “doing a better job” for Primark’s weaker sales in the UK and Ireland.
Primark has singled out “product, digital and brand” as key areas of focus after reporting a decline in UK sales and a drop in market share.
The budget retailer saw sales fall by 4% to £2.1bn in the UK and Ireland for the 24 weeks ending 1 March, with like-for-like sales decreasing by 6%. This resulted in a 0.2% drop in market share.
George Weston, CEO of parent company Associated British Foods (ABF), cited low consumer confidence as a key factor in its lacklustre results. Speaking to investors today (29 April), he described it as a “challenging half due to continued consumer caution”, particularly for “lower income shoppers” with this “exacerbated by mild autumn weather”.
Primark has singled out “product, digital and brand” as key areas of focus after reporting a decline in UK sales and a drop in market share.
The budget retailer saw sales fall by 4% to £2.1bn in the UK and Ireland for the 24 weeks ending 1 March, with like-for-like sales decreasing by 6%. This resulted in a 0.2% drop in market share.
George Weston, CEO of parent company Associated British Foods (ABF), cited low consumer confidence as a key factor in its lacklustre performance. Speaking to investors today (29 April), he described it as a “challenging half due to continued consumer caution”, particularly for “lower income shoppers” with this “exacerbated by mild autumn weather”.
