Primark sign
Image Source: DennisM2
Primark storefront sign.
Jane Imrie

Associated British Foods confirms dividend after ‘record’ Primark sales

The parent company of fashion retailer Primark has announced an interim dividend for shareholders following ‘record’ performance.

Associated British Foods, which unveiled its interim results for the 24 weeks ending February 27 today, has confirmed an interim dividend of 6.2 pence per share.

Despite a 50 per cent drop in pre-tax profits in the 24 week period, the company is confident that its performance since stores reopened in England reflects a shift back to profitability.

George Weston, chief executive of Associated British Foods, commented: “With most of the Primark stores closed for more than half the period, the management team demonstrated operational agility in response to the measures employed by governments to tackle the pandemic.

“Primark sales after store reopenings demonstrate the relevance and appeal of our value-for-money offering.

“We are excited about welcoming customers back into our stores as the lockdowns ease and are delighted with record sales in England and Wales in the week after reopening on 12 April. With our success in a number of new markets, as wide-ranging as Poland and Florida, we are as convinced as we have ever been in the long-term growth prospects for Primark.

“Looking ahead, with stores reopening and Primark once again becoming cash generative, our confidence is reflected in our decisions to repay the job retention scheme monies in respect of this financial year and to declare an interim dividend.”

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