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‘Fashion is back,’ says boss of Primark owner ABF, as sales skyrocket despite tightness in cost of living
Primark’s owner has stated that ‘fashion is back’ after better-than-expected sales, despite pressure from shoppers’ rising household bills.
John Bason, chief financial officer of Associated British Foods, says demand for loungewear for working from home has declined and shoppers are now picking up heels and blazers to dress for the office or see friends.
Many Britons have apparently decided that 2023 is the year they will go on holiday abroad again “whatever happens” after the pandemic restricted international travel for three years, Bason said.
Office workers returning en masse to city centers means a tailored fashion trend has continued, with a bright orange blazer, priced at £22, proving to be a standout seller among women
Despite high energy costs and high grocery bills, shoppers are still yearning for a summer holiday – with bikini and suitcase sales high at the High Street giant.
Luggage sales have broken records as consumers prepare for long-distance travel, while sales of men’s colorful swimming shorts have also skyrocketed.
ABF said footfall in major city centers ‘remain strong’, with shoppers particularly keen to flock to the Oxford Street store in central London.
Revenue is expected to come in at £4.2 billion for the six months to March 4 – 19 per cent more than the same period last year.
Trade in the UK was ‘particularly strong’.
But Primark said it remained ‘cautious about the resilience of consumer discretionary in the face of continued cost-of-living inflation and higher interest rates’.