Primark39;s Q1 likeforlike sales down 1.9
UK and Ireland likeforlike sales down 6.0
Cuts full year forecast to lowsingle digit sales growth
Keeps guidance for grocery and sugar divisions

LONDON, Jan 23 Reuters Associated British Foods downgraded the annual sales guidance for its Primark budget clothing business on Thursday after disappointing results in the Christmas quarter in its main UK and Ireland market.

The group said it was now targeting lowsingle digit sales growth in 2025 for Primark, having previously forecast mid single digit growth.

It kept its forecast for an adjusted operating margin in line with the 11.7 Primark achieved in 202324.

The group said Primark39;s total sales grew 2 over the 16 weeks to Jan. 4, its fiscal first quarter, helped by new store openings.

However, on a likeforlike basis they fell 1.9, reflecting a 6.0 dip in the UK and Ireland a market that accounts for about 45 of its sales.

Shares in the company opened down 2 but then pared losses to trade flat at 1,933 pence.

The group said growth in UK and Ireland likeforlike sales over the key Christmas trading weeks was more than offset by weaker autumn trading in a challenging retail environment.

Trading activity within elements of our shopper base was weak as a result of cautious consumer sentiment and a lack of seasonal purchasing catalyst given the mild autumn weather, it said.

Earlier this month, other retailers skewed towards lower income consumers sportswear group JD…