Primark Sales Growth Of British Parity Retailers Slowed To 11%

Because of the warmer weather in October and November in the UK, the growth of Primark sales in the country's parity apparel retailer has slowed dramatically.

Primark parent Associated British Foods PLC (ABF.L) chairman Charles Sinclair at today's annual general meeting, said Primark sales from the end of fiscal year 2014 (September 13, 2014) to date recorded a 11% growth, mainly driven by revenue from new stores, and the growth rate was significantly less than 17% of last year's total.

This prompted Associated British Foods PLC (ABF.L) to lose 5.4% of its share price on Friday.

It is pointed out that Primark's current store sales have not reached the expected level, but the group has introduced the promotion quota.

Therefore, at this stage, the group's annual profit expectations for Primark remain unchanged.

In addition,

The overall operating profit for the financial year has also been in line with expectations.

Charles Sinclair expects that the annual operating profit will decrease slightly after the adjustment, but the effect on net profit should be neutralized by lower tax rate and interest expense. The growth rate of EPS after adjustment is also not large. In the 2014 fiscal year, the figure is 104.1 pence.

Associated British Foods PLC (ABF.L) resumed land on Friday, rising 2.62% to 3284 pence throughout the day.

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