Fashion fast thrives at Primark |
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| Wednesday, 16 July 2008 | |
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Fast fashion is thriving as Primark's flagship Oxford Street store reported sales of nearly £200m since it opened in April last year. The blazing success of the store is
thought to be delivering average weekly sales of between £2.5m and £3m highlighting its market share over rivals such as M&S, which has a huge store opposite on Oxford The Panmure Gordon analyst Graham Jones forecasts that Primark's like-for-like sales growth will be flat for its third quarter and second half, which it has scaled back from a previous forecast of a slowdown to 2 per cent for the second half.
Mr Jones said: "The deterioration in trading conditions on the UK high street is plain for all to see, and with M&S and Next, on our estimates, seeing clothing like-for-like sales declines of 7 to 8 per cent recently, it would be unrealistic to think Primark will not be affected." However, Mr Jones said: "We believe that Primark has been resilient in recent months, with April actually the most difficult period, due to the much colder weather than April 2007." Primark has 177 stores in Ireland, where it trades under the Penneys brand, Spain and the UK.
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