Dublin: Primark Limited, the company behind the popular Penney’s retail chain, has reported a substantial rise in pre-tax profits, surpassing €2 million in daily earnings over the past financial year. For the 12 months ending September 14, the company’s pre-tax profit more than doubled—from €416.63 million to €881.5 million—despite marginally lower Irish revenues.
Revenue from Penney’s Irish store network slightly declined, falling from €744.5 million to €741.7 million, attributed to poor summer weather in 2024 that negatively impacted footfall and sales in the second half of the year. The company’s Irish stores generated an average weekly turnover of €14.26 million across 38 outlets.
According to company directors, the strong financial performance was largely driven by robust trading in the first half of the year, which helped offset the impact of adverse conditions in later months.
€250 Million Investment Across Ireland
Primark has announced a €250 million investment initiative in Ireland, which includes the renovation and expansion of several key stores. Recent upgrades include a €5 million refurbishment of the O’Connell Street outlet in Limerick, while additional expansion projects are planned for Portlaoise, Limerick, and Ennis.
The investment also includes the development of a €75 million state-of-the-art distribution centre in Newbridge, County Kildare, aimed at enhancing logistics capabilities and supporting future growth.
Global Expansion and Financial Highlights
Globally, Primark’s total revenue rose from €3.91 billion to €4.1 billion. Of this, €1.25 billion came from its international franchise operations, while €741.7 million was generated by its Irish retail network.
Since opening its first store on Dublin’s Mary Street in 1969 under the Penney’s brand, the company has grown substantially and now aims to operate 530 stores worldwide by the end of 2026.
Although the overall number of employees decreased slightly—from 7,064 to 7,054—the company continues to invest in its workforce, planning to create an additional 1,000 jobs in the coming years. As of the end of the reporting period, Primark employed 5,033 retail assistants, 595 retail managers, and 1,426 central staff.
Staff costs rose from €300.19 million to €319.03 million year-on-year. Executive compensation totalled €5.12 million, including €4.2 million awarded under long-term incentive schemes and €950,000 paid out in compensation.
Primark Limited reported an accumulated profit of €1.6 billion as of September 14, reinforcing its position as one of Ireland’s most profitable and strategically expanding retailers.
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