Primark owner Associated British Foods has raised its profit outlook for the second time this year as sales performed better than expected following the “unusually variable and unseasonable weather” this summer.
Primark’s total sales is expected to jump 15% to £9bn in the 52 weeks to 16 September, with like-for-like up 9%.
The fashion retailer attributed the sales growth to “selective price increases, well received ranges and strongly performing new stores”.
Across the UK, like-for-likes are forecast to jump 11% year-on-year, slightly ahead of the 8% increase in Europe.
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Primark’s fourth quarter sales are expected to be 15% higher, with UK and Europe sales increasing 8% and 18% respectively due to the August heatwave.
Meanwhile, US revenue is forecast to rocket 45% in the final quarter, driven by its four new store openings across the region.
As a result, ABF shared on Tuesday that it expects adjusted operating profit to be “slightly better” than its previous expectation of “moderately ahead” of its £1.4bn profit last year.
The news comes after Primark announced the expansion of its click and collect trial to an additional 32 stores in London in April.
The discount retailer will also extend the service to include womenswear from tomorrow.
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