Primark’s operating profit increased to £1.1bn in the period. Credit: effjott.art via Shutterstock.

Primark, a retailer and subsidiary of Associated British Foods, has reported a 6% increase in sales in 2024, rising from £9.00bn ($11.8bn) in 2023 to £9.44bn.

As per the annual results for the 52 weeks ended 14 September 2024, adjusted operating profit saw an increase of 51% from £735m in 2023 to £1.1bn in 2024. Adjusted operating profit margin was 11.7%.

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The company’s operating profit also rose to £1.1bn from £717m in the previous year. Total like-for-like (LfL) sales grew 1.2% and LfL sales in the UK grew 1.0% for 2024.

These increases have been driven by strong performance in key growth markets such as the US, France, Spain, Italy, and Central and Eastern Europe (CEE), as well as in the UK, Primark’s largest market.

As of 14 September, the retailer was operating 451 stores in 17 different markets. In the UK, Primark maintained a market share of 6.7%.

The company recently launched its first marketing campaign in the US, focusing on the New York metro area to enhance brand awareness.

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As part of its expansion strategy, Primark has signed 14 leases for new stores, including its first in the borough of Manhattan, New York.

Primark is aiming for mid-single-digit sales growth in 2025, with a store rollout programme expected to contribute approximately 4% to 5% annually to total sales growth.

The company reported a 12% reduction in total scope 3 greenhouse gases emissions compared to 2023 and a 21% reduction in scope 1 and 2 emissions, attributing these achievements to energy efficiency and the procurement of renewable electricity.

Meanwhile, Associated British Foods reported a 4% growth in group revenue, reaching £20.07bn, with significant growth in both its retail and food businesses. The group’s operating profit increased by 40% to £1.93bn.

Associated British Foods has invested £1.3bn in capacity, capabilities, new technology, and strategic acquisitions, with a continued higher level of investment expected in the medium term.