Tuesday, August 16News For London

Primark sales hit by weaker pound

The fast fashion chain Primark continues to grow as the store expands its branches, but it is warned the weaker pound would weigh on its margins.

Photo Dark Dwarf  (CC BY-ND 2.0)

Primark reveals its upbeat sales figure today and said it was maintaining its full-year earnings guidance. “Primark expects almost 13 per cent increase to be attributable to the first half of the year,” it added.

Photo Mark Hodson Photos: (CC BY 2.0)

The decline in the value of the pound, 16 per cent against the dollar since Brexit, is warned it would ‘eats into margins at the fashion chain’.

Primark is expecting to rise 2 per cent in its first half and 11 per cent in total sales thanks to new store openings.

Photo Martin Monroe ( CC BY-SA 2.0)

Sub Editing: Arifa Khan