Primark owner Associated British Foods PLC (LSE:ABF) fleshed out its trading performance over the festive period, revealing its clothing retail chain saw like-for-like sales fall 2.7%.
Group revenue came in at £6.76 billion for the 16 weeks to 3 January 2026, in line with expectations previously lowered at its 8 January profit warning.
Retail revenue increased 4.2% at actual currency and 1.5% at constant currency, driven by growth in Primark’s performance in the UK and US.
Although Primark’s LFL sales fell, total sales rose 1% overall, thanks to space increases. The UK and Ireland saw total sales up 2%, with US sales up 12%, and mainland Europe down 1%.
Grocery revenue was in line with expectations and up 0.7% on a reported basis.
Ingredients, Sugar, and Agriculture revenues all declined, down 2.9%, 4.3%, and 4.1%, respectively.
At the update earlier in the month, ABF said assuming current trends continue, it now expects group adjusted operating profit and adjusted earnings per share to come in below last year.