The report shows a significant increase in adjusted operating profit, up 51% to 1.3 billion euros, with margin recovery to 11.7%, up from 8.2% in 2023. The retailer also achieved strong performance across its key growth markets, the US, France, Spain, Italy and Central and Eastern Europe, as well as growth in its largest market, the UK.
A significant contributing factor to the current performance is Primark’s continued good execution of store rollout program in Europe and the US, as well as its offer of great-value clothing, unique store experience and increased digital engagement.
The company is targeting mid-single digit sales growth in 2025 as it continues to execute the store rollout program in growth markets in Europe and the US and to focus on like-for-like sales growth in its more mature markets. This will be supported by investment in initiatives across product, digital and brand.
The retailer expects adjusted operating margin to remain broadly in line with this year’s level, as gross margins stabilize and we step up investment to drive sustainable growth. Over the medium and long term, Primark continues to have significant white space opportunities in its growth markets. Moreover, the store rollout program is targeted to contribute around 4% to 5% per annum to Primark’s total sales growth for the forseeable future.
