Primark capitalizes on summer boom as Bridgerton floral collection – inspired by hit Netflix series – flies out of stores
Growing demand for summer clothing – including a range inspired by the Netflix hit show Bridgerton – boosted sales at Primark.
Store chain bosses said floral bodices and camisoles, influenced by Regency-era streaming series, were flying off the shelves.
And even women are picking up nightwear from the range to wear to parties and other events like weddings.
£12 corsets and a £20 nightgown have proved particularly popular, boosting sales at Primark by 13 per cent to £2 billion in the three months to May 27.
Group sales of Primark’s owner Associated British Foods (ABF), whose food and ingredient brands include Kingsmill bread, Ryvita crackers and Twinings tea, rose 16 percent to £4.7 billion.
Trend: Primark bosses said floral bodices and camisoles, influenced by the Regency-era Netflix series Bridgerton, were flying off the shelves
In a bullish trading update, the company now expects earnings to be “moderately higher” than the £1.4bn it made last year. It had thought earnings would be “broadly in line” with the previous 12 months.
Shares fell 0.8 percent or 126 pence to 1937 pence yesterday.
Finance director Eoin Tonge said women started wearing chemises – traditionally an undergarment – at parties after seeing a good product and finding an alternative to it.
He said men have taken a more casual approach by opting for summer beach shorts for more occasions, adding: “Bright colors are now more the norm for men due to the shift to casual, and casual is becoming more accepted.”
He said suitcases are “the gift that keeps on giving” with sales up 55 percent as shoppers stock up for the missed holiday season.
Sales were “supported by higher average retail prices,” although consumers still turn to Primark as a “value-for-money destination” after it pledged not to raise prices until November at the earliest, Tonge said.
Strong sales helped the budget fashion retailer allay cost-of-living concerns, with Tonge saying the company was “pleasantly surprised that consumers weren’t really struggling.”
But he said: ‘I don’t think we’re out of the woods as the Bank of England recently raised rates and inflation is still high.
“We are pleased with how consumers have behaved over the past nine months, despite what we feared.”
Susannah Streeter, Head of Money and Markets at Hargreaves Lansdown, said: ‘The warmer weather has created a surge in shopping at Primark and customers are piling their baskets high with new summer styles.
These optimistic results showed that the company’s lower price points have great appeal when the belt is tightened.
“It’s also further evidence of consumer resilience amid the pain of high inflation, with customers defying expectations to tighten their wallets.”
The retail chain has boomed after shoppers flocked back to brick-and-mortar stores following the pandemic, while similarly priced online rivals – such as Boohoo and Asos – have suffered in recent months.
Primark does not sell items through its website, but has continued to roll out its latest online feature in Italy, Spain, the United States and France to allow customers to check stock levels in stores.
Primark is also hoping to reap the benefits of another hit on screen this summer with a collaboration with Barbie owner Mattel ahead of the film starring Margot Robbie and Ryan Gosling, due out next month.