Primark's full-year results showed it bucking the market trend but not immune to it. Its sales and profits rose but like-for-like sales fell. However, the UK, Europe and US all proved strong in the circumstances.
Boohoo Group has announced a new CEO from rival Primark with current co-CEO Carol Kane set to stand down as part of a board re-alignment. But Kane will remain heavily involved with company and will take on a new role.
Primark continues to see impressive growth as its store openings widen its reach, dollar exchange rates begin to work in its favour, its Italian debut is declared a success and it expects higher profits.
Primark faced the same headwinds as many of its fashion retail peers in the the past six months but weathered them better than those rivals for the most part, even if margins ended down slightly and comp sales did too.
Primark remained the star brand in owner ABF's portfolio in the Christmas trading period, despite some tough times in Europe early in the season. It was helped by UK strength and a European recovery after a weak October.
Champagne corks are set to pop at Primark owner ABF when it delivers its full-year results in a couple of months time with a full-year and Q4 update Monday showing results have proved to be even better than expected.