Primark has seen its sales return to pre-Covid levels after it benefited from an increase in footfall following the easing of Covid related restrictions.
In the year to 17 September, the fashion retailer’s total sales climbed by 43% to £7.7 billion while adjusted operating profit increased by 81% at constant currency to £756 million.
The retailer’s UK like-for-like sales are now back in line with pre-Covid levels after customers returned to major high streets in the year and sales densities in stores in larger cities were boosted by return of commuter traffic and the growth of tourism.
Looking ahead, Primark owner Associated British Foods said it has decided not to increase the retailer’s prices despite rising inflation.
