{"id":401941,"date":"2011-04-27T13:10:35","date_gmt":"2011-04-27T13:10:35","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/27\/primark-profits-hit-by-costs-rise\/"},"modified":"2011-04-27T13:10:35","modified_gmt":"2011-04-27T13:10:35","slug":"primark-profits-hit-by-costs-rise","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/27\/primark-profits-hit-by-costs-rise\/","title":{"rendered":"Primark profits hit by costs rise"},"content":{"rendered":"

27 April 2011<\/span> Last updated at<\/span> 09:10 ET<\/span><\/span><\/p>\n

High street fashion retailer Primark has said its profits for the last six months have been hit by the rising price of cotton and January’s VAT rise.<\/p>\n

Primark saw a 5% growth in profits, but admitted it was “lower than last year” and said it expected margins to fall over the next half year.<\/p>\n

Shares in Associated British Foods, which owns Primark along with Silver Spoon sugar were down more than 7%.<\/p>\n

Pre-tax profits for the group were 7% higher than a year ago.<\/p>\n

ABF said after a strong start to the financial year, Primark’s trading in the UK had weakened since the New Year.<\/p>\n

Like-for-like sales at Primark, which strip out the effect of new store openings, were up 3% on the same period a year ago.<\/p>\n

Rising costs<\/span> Continue reading the main story<\/a> <\/p>\n

But ABF blamed the impact of higher costs, especially cotton and the rise in VAT in the UK from 17.5% to 20% on 4 January 2011 for the squeeze on its profits margins.<\/p>\n

It said it expected UK consumer demand to continue to be weak and forecast lower-than-planned profit margins for the second half of the year.<\/p>\n

“Much has been reported in the media in recent weeks about the contraction in the personal disposable income of the UK consumer due to higher fuel costs, food inflation and fiscal tightening,” said Charles Sinclair, chairman of ABF.<\/p>\n

“In this context, Primark’s performance demonstrates yet again the strength of the brand”.<\/p>\n

European Expansion<\/span><\/p>\n

Ten new Primark stores were opened during the period – six in the UK, two in the Canary Islands, one in Germany and one in the Netherlands.<\/p>\n

The group said the trading performance in Continental Europe had been very encouraging.<\/p>\n

ABF plans to open a further six shops over the second half of the year – three in the UK, two in Portugal and one in northern Spain.<\/p>\n<\/div>\n

Read more:
\nPrimark profits hit by costs rise<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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Primark saw a 5% growth in profits, but admitted it was “lower than last year” and said it expected margins to fall over the next half year. <\/p>\n","protected":false},"author":0,"featured_media":401942,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":{"0":"post-401941","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-world"},"yoast_head":"\nPrimark profits hit by costs rise - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/04\/27\/primark-profits-hit-by-costs-rise\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Primark profits hit by costs rise - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"27 April 2011 Last updated at 09:10 ET High street fashion retailer Primark has said its profits for the last six months have been hit by the rising price of cotton and January's VAT rise. 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