Companies

Underlying sales growth slows at Penneys over busy Christmas period

The British clothing retail chain posted like-for-like sales growth of more than 2 per cent, which was considerably weaker than the previous quarter

The first quarter of AB Foods’ 2024 financial year got off to a slow start as the unseasonal warm weather negatively impacted sales of cold weather clothing at Primark. Picture: Fergal Phillips

Primark, which trades as Penneys here in Ireland, recorded weaker like-for-like sales growth over the busy Christmas period in the latest sign that consumer demand is easing in the face of higher interest rates and ongoing cost of living pressures.

On Tuesday, Associated British Foods (AB Foods), the owner of Primark-Penneys, released a trading update for the 16 weeks to January 6 showing underlying sales growth in its clothes retail division slowed to a modest ...