28th June 2018
New foreign clothing and textiles investment collapses in Vietnam
Primark’s H1 results, announced on April 17, make it the first British retailer to achieve over a billion dollars’ annual profit from selling clothes.
A disappointing performance from its parent company, Associated British Foods, masked a good result at Primark itself. First half sales were up 8%, and operating profit up 6%.
Which translated into dollars meant $1,069 in profit from selling clothes. The first time ever a British retailer has achieved this.
Britain’s major financial journal, of course, is as on the ball as ever. Its last recorded comment on Britain’s most extraordinary retailer was “The chain’s sales fell in both half-year periods in 2016, which was the first time analysts began questioning the sustainability of Primark’s success, given that it does not sell goods online.”
Perceptive chaps, these journalists. How could I run this site without such insights?