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		</div><p>Like-for-like sales at Primark fell in the year to September as bad weather weighed on trading in Europe.<br />
The budget fashion retailer, which is owned by Associated British Foods (ABF), reported a 2.1% decline in like-for-like sales, a measure which excludes new store openings.</p>
<p>In contrast, overall revenue growth at the brand was 6% for the 52 weeks to September 15, aided by expansion. The slide in comparable sales was driven by a 4.7% drop in the eurozone, where unseasonable weather was blamed for the slump.</p>
<p>New store openings in the region are also thought to have cannibalised trade from existing branches.<br />
In the UK, like-for-like sales were up 1.2% and Primark&#8217;s share of the total clothing market increased significantly amid a declining high street. Overall sales were 5.3% ahead of last year.</p>
<p>Primark pledged to continue expanding into new stores, targeting the US and Central and Eastern Europe in particular. The retailer will also open a new Belfast store following the destruction of its existing site in a fire in August.</p>
<p><a href="https://londonglossy.com/wp-content/uploads/2018/11/2686934A-6CBB-435A-95C4-375AD998C68A.jpeg"><img src="https://londonglossy.com/wp-content/uploads/2018/11/2686934A-6CBB-435A-95C4-375AD998C68A.jpeg" alt="" width="600" height="325" class="aligncenter size-full wp-image-120120" /></a></p>
<p>ABF&#8217;s overall revenue was 1% higher, as Twinings Ovaltine drove growth in the grocery business, but the sugar division took a hit from lower EU prices. Adjusted profit before tax was 5% higher than last year at £1.37 billion.</p>
<p>The company noted that it is making emergency preparations for the &#8220;unlikely&#8221; event of a no-deal Brexit, which it said could cause disruption. But ABF also said the UK&#8217;s withdrawal from the EU could have potential benefits for the company amid a shift in the British food industry.</p>
<p>Meanwhile, improved margins in the UK and Australian business as well as the acquisition of brands such as balsamic vinegar-maker Acetum are expected to push up profits next year. Chief executive George Weston said: &#8220;Looking ahead, management have clear plans for further investment and for pursuing opportunities for business improvement.&#8221;</p>
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