Primark foresees trade recovery, plans to add stores in key markets

For the year to September 18, 2021, Associated British Foods plc reported revenue of 13.9 billion pounds, in line with last year at actual exchange rates and 1 percent ahead at constant currency. The company said in a release that Primark sales in both years were impacted by trading restrictions and store closures. The periods of closure were longer this year compared to the last financial year and sales declined by 5 percent at constant currency as a result. However, the company expects Primark trading to continue to improve and for sales to increase by at least the estimated 2 billion pounds of sales lost due to store closures last financial year.