Following today’s release of Primark’s figures for the 24 weeks ending 28 February 2026; Chloe Tedford-Jones, apparel analyst at GlobalData, a leading intelligence and productivity platform, offers her view: “Primark delivered a improved performance in H1 FY2025/26, with reported revenue rising 4.1% to £4.7bn, flattered by favourable currency effects, with constant currency growth of 2%, an improvement on both Q1 and the prior year. Like-for-like sales declined 2.7%, reflecting softer footfall across key markets, with growth continuing to rely on space expansion. Profitability came under pressure, with adjusted operating margin falling 12.8% due to higher markdowns and stepped-up investment across product, marketing and technology. Primark continues to target low-single-digit sales growth for the full year, however the need to rebuild consistent like-for-like momentum remains pressing, especially as the ABF announced the spin-off of Primark as a standalone entity separate from its food division, leaving it more vulnerable to exterior factors affecting consumer spending. While greater independence should enable sharper capital allocation and a clearer retail-focused strategy, it also places greater scrutiny on Primark’s ability to sustain like-for-like growth and margin resilience as a standalone business.
“In the UK & Ireland, sales rose 2%, with like-for-like growth of 1.1%, marking a slight recovery from prior declines as actions to sharpen price perception and enhance product ranges began to resonate with consumers. Outside its core market, trading remained uneven, with Europe sales declining 1%, with like-for-like falling 5.6% amid weak consumer confidence and competitive pressures. The US saw sales rise 12%, driven mainly by ongoing space expansion in what remains a volatile consumer environment. Expansion into the Middle East through a franchise store in Kuwait performed strongly initially, though heightened regional tensions due to the conflict in Iran pose a risk to demand and operations.
“The retailer is continuing its efforts to re-energise its customer proposition with greater investment in product, pricing and digital engagement beginning to gain traction, particularly in its core UK market. Womenswear has been a key driver of improvement, while campaigns like ‘In Denim We Can’ and ‘Shockingly Chic’ are supporting brand momentum. Digital progress continues, with strong growth in online engagement and nationwide Click & Collect in the UK driving footfall, though the absence of home delivery remains a structural limitation relative to peers.”
