Primark earnings jump higher despite weather hit to summer ranges

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Budget retailer Primark has seen annual earnings jump by more than 50% in spite of an early summer weather hit to sales. Sales of our seasonal summer clothing, as well as footwear, beachwear and swimwear, were impacted by wet weather Primark It said: “In both markets, challenging weather impacted footfall during the second half, particularly in April and June.” The group added: “Sales of our seasonal summer clothing, as well as footwear, beachwear and swimwear, were impacted by wet weather.” But it said it had seen a “very encouraging start” to autumn/winter trading, with “strong like-for-like growth in both markets in the last weeks of the financial year”. The company said it was “well positioned”, but warned over profits in its sugar business for the new financial year thanks to pricing woes in Europe. AB Foods said: “We expect the reduction in European sugar pricing in the fourth quarter of 2024 to impact performance in our sugar business significantly in 2025.” It is pencilling in underlying operating profit for the sugar arm to be between £50 million and £75 million, down from £199 million in 2023-24.