Primark / Penneys look to Dublin for growth

Primark / Penneys look to Dublin for growth

Discount clothing retailer Primark — which trades in Ireland as Penneys — has said that the relocation of its sourcing, buying, and merchandising functions from the UK to its Dublin headquarters will play a significant supporting role in its continuing international expansion.

The move — which the company denied was connected to any Brexit contingency planning processes — was announced last March.

The retailer — which is owned by diversified group Associated British Foods (ABF) — is, however, unlikely to grow its shop numbers here, where it has 37 outlets. That said, it has expressed satisfaction with trading performance in Ireland and will overhaul four of its Irish stores in the coming 12 months.

As part of ABF’s annual results, Primark reported a 4% rise in revenues, for the 12 months to mid-September, to £7.8bn (€9bn). It performed well in the UK and the US and saw a near 5% growth rate in revenues in the eurozone. Primark’s overall adjusted operating profit rose 8% to £913m.

Regarding the Irish operations, ABF chief executive George Weston said: “We are pleased with the trading of Penneys in Ireland this year, which marks a half-century since Arthur Ryan opened our first store in Dublin. We intend to refurbish four of the stores in 2020 to enhance the shopping experience for our customers.”

On a group-wide basis, ABF — which also has ingredients, sugar and grocery arms — said annual group revenue rose 2% to £15.8bn.

More on this topic

Molex Ireland losses reached almost €8m last yearMolex Ireland losses reached almost €8m last year

UK law firm adds to Irish presenceUK law firm adds to Irish presence

Deliveroo want change in employment law so they can offer riders sick payDeliveroo want change in employment law so they can offer riders sick pay

Ireland's FDI success: Stability, quality of life and adapting to global changeIreland's FDI success: Stability, quality of life and adapting to global change

More in this Section

Molex Ireland losses reached almost €8m last yearMolex Ireland losses reached almost €8m last year

Tullow shares slump to 20-year lowTullow shares slump to 20-year low

Magee clothing firm hit by Brexit fearsMagee clothing firm hit by Brexit fears

Wetherspoon planning more pubs for CorkWetherspoon planning more pubs for Cork


Lifestyle

Jackie Turner, genetic counsellor, Clinical Genetics Centre for Ophthalmology, Mater Hospital, DublinWorking Life: 'I catch the quiet 6:15 train, a place to gather my thoughts and plan my day'

The repeat bouts of sinus infection you describe indicate you need to get in front of this annual issue by supporting your immune system.Natural Health: 'Every winter I get a nasty sinus infection'

The TV chef chats to Lauren Taylor about feeding his family and his kids’ ever-changing tastes.Jamie Oliver: ‘About 3/10 of our family meals are idyllic – that’s normal’

Yearning to turn your rooms into soothing havens? Gabrielle Fagan asks The White Company founder Chrissie Rucker for her secrets.How to create a calm, tranquil home – according to The White Company’s Chrissie Rucker

More From The Irish Examiner