LONDON — Sales at Primark, which will make its U.S. debut in late 2015, are more than 10 percent ahead of last year, driven by increased selling space, according to Charles Sinclair, chairman of Primark’s parent, Associated British Foods.
Sinclair addressed ABF shareholders on Friday at the company’s annual general meeting, and offered the update on trading since the close of the financial year on September 13.
“Like-for-like sales are currently below expectation as a result of the unseasonably warm weather, but having budgeted this year for a higher level of mark-downs, at this early stage in the year Primark’s profit estimate for the full year is unchanged,” he added.
As reported, Primark will break into America next year, and has inked a real estate deal with Sears that will see it open units on the east coast in places including King of Prussia in Pennsylvania and the Staten Island Mall. It also plans to open stores in the corridor that runs from Boston to Washington, D.C.
The gross area of the stores will range from 70,000 to 100,000 square feet, while net selling space will range from 55,000 to 80,000 square feet.