Primark results land 3 November: home delivery, prices and the split

Primark’s owner reports its full-year figures next Tuesday, and for once the headline numbers matter less than what management says about the future. ABF has already told the market roughly where the year landed. The open questions are about price, delivery and the break-up of one of the last big conglomerates on the London Stock Exchange.

The results arrive at an awkward moment for British clothing retail. Shoppers are cautious, the government’s Budget on 28 October left retailers facing higher employment costs, and Chinese marketplaces continue to take a growing share of online fashion spending in the UK. Primark, one of the country’s largest clothing retailers, is trying to answer all three pressures at once.

This preview sets out what ABF has already disclosed, what analysts and investors will be looking for on 3 November, and what the outcome could mean for anyone who shops at Primark’s roughly 200 UK stores or plans to order from it online.

When are the Primark results and what will they cover?

ABF’s financial calendar lists an annual results announcement on 3 November 2026. The group confirmed the date in its September trading update, which said it was “scheduled to announce our annual results for the 52 weeks to 12 September 2026 on 3 November 2026”. Business Post, the Irish business newspaper, also previewed “next week’s results” in a piece published on 29 October.

The announcement will cover the whole group, not just Primark. ABF also owns grocery brands such as Twinings, Ovaltine, Ryvita and Jordans, the bakery ingredients business AB Mauri, British Sugar and an agriculture division. Primark, however, generates about half of group revenue and around two-thirds of adjusted operating profit, according to Reuters.

Results day for a FTSE 100 company typically follows a set pattern: a regulatory announcement to the stock exchange, followed by a presentation and call for analysts. Shoppers will not see an immediate change in stores, but the commentary sets the direction for prices, investment and new services over the following year.

The financial year in question

Primark’s financial year runs to mid-September, so the period being reported ended on 12 September 2026. It therefore includes the whole of last Christmas, the spring and summer seasons, and the start of autumn trading. It does not include October, when the cooler weather arrived and coats and knitwear began selling in earnest.

That timing matters. ABF said in September that prolonged hot weather had delayed the seasonal switch to autumn and winter clothing, and that “trading was stronger when the weather cooled towards the end of the quarter”. Any comment on current trading since mid-September will therefore be watched as closely as the audited figures themselves.

What has ABF already told the market about Primark?

The September trading update did most of the heavy lifting. ABF said Primark’s sales for the 2026 financial year were expected to grow by around 2%, with like-for-like sales down around 2.6%. New stores, including franchise openings, were expected to contribute about 5% to sales growth. The adjusted operating margin was “still expected to be approximately 10%”.

Like-for-like sales strip out the effect of new and closed stores, so they show whether existing shops are selling more or less than a year earlier. A total sales rise of 2% alongside a like-for-like fall of 2.6% means Primark grew by opening new space, not by persuading more shoppers to spend more in its established stores.

The fourth quarter, the 12 weeks to 12 September, was weaker than the year as a whole. ABF guided to a like-for-like decline of around 3% for the quarter, after a 2.2% fall in the previous quarter, according to Invezz. ABF shares fell more than 11% on the day of the update, the same outlet reported.

Market	Share of Primark sales	Q4 2026 like-for-like	FY 2026 like-for-like	FY 2026 total sales	FY 2025 like-for-like
UK only	Not split out	Broadly flat	+0.6%	+2%	(3.0)%
UK and Ireland	45%	+0.4%	+0.5%	+2%	(3.1)%
Continental Europe	47%	(4.3)%	(4.7)%	(1)%	(1.5)%
US	6%	Not given	Not given	+13%	Not given
Primark total	100%	(3.0)%	(2.6)%	+2%	(2.3)%

Source: ABF trading update, 10 September 2026 (estimates; constant currency). FY 2025 comparators from the appendix to the same announcement.

The UK turnaround is real, but small

The table shows why ABF keeps describing the UK as a priority market that is outperforming. In the 2025 financial year, UK like-for-like sales fell 3.0%. In 2026, they are expected to rise 0.6%. That is a swing of more than three and a half percentage points in a clothing market that ABF says has been shrinking.

The interim results in April gave more detail. In the 24 weeks to 28 February 2026, Primark’s UK sales grew 3% and like-for-like sales rose 1.3%. Its share of the UK clothing, footwear and accessories market, including online, rose to 7.0%, according to Kantar data cited by ABF. The company credited sharper prices, a stronger womenswear offer and more spending on marketing.

The second half was softer. ABF’s fourth-quarter guidance put UK like-for-like sales at broadly flat, with total UK sales up about 1%. The hot summer was the main explanation offered. On results day, analysts will want to know whether the UK recovery resumed once the weather turned, or whether the first-half gains have stalled.

Why is Primark’s profit margin under pressure?

Primark’s adjusted operating margin is expected to come in at roughly 10% for 2026. In the first half, it was 10.1%, down from 12.1% a year earlier. Reuters reported that the margin fell nearly two percentage points over the 2025/26 year as a whole. For a retailer of Primark’s size, each percentage point of margin is worth roughly £90m to £100m of annual profit, based on first-half revenue of £4.66bn.

ABF has been open about the reasons. The interim statement said the margin “declined as a result of higher markdowns, as we managed inventories effectively in a difficult trading environment”, and also reflected “a significant increase in investment across product, marketing and digital initiatives”. In other words, Primark has been spending money and cutting prices to win shoppers back.

Primark measure	H1 2026 (24 weeks to 28 Feb 2026)	H1 2025 (24 weeks to 1 Mar 2025)	Change
Revenue	£4,657m	£4,472m	+4% actual, +2% constant currency
Adjusted operating profit	£471m	£540m	(13)% actual
Adjusted operating margin	10.1%	12.1%	Down 2.0 points
Like-for-like sales, total	(2.7)%	(2.5)%	Slightly weaker
Like-for-like sales, UK and Ireland	+1.1%	(6.0)%	Strong improvement
Like-for-like sales, Europe	(5.6)%	+1.1%	Sharp deterioration
Website traffic	+37%	Not given	Growth

Source: ABF interim results announcement, 21 April 2026.

The price of “Iconic Value”

In July, Primark launched a campaign called “Iconic Value” across all its markets and categories. ABF said it “introduced new, lower prices across hundreds of items in our autumn/winter range” and described it as “a strategic investment in price and price perception”. The company reported a positive early volume response, including in nightwear, leisure and performance wear.

For shoppers, this is the most direct link between the results and the till. A retailer that cuts prices on hundreds of lines has to recover the cost through higher volumes or savings elsewhere. If ABF says on 3 November that Iconic Value is working, Primark is likely to keep prices sharp through Christmas. If it signals the cost is too high, some of those reductions could be quietly reversed in spring ranges.

For the 2027 financial year, ABF has already said it expects Primark’s margin to stay at approximately 10%, “reflecting continued investment in like-for-like sales growth”. That guidance excludes the extra costs of preparing Primark to stand alone after the demerger, which ABF calls dis-synergy costs and has not yet quantified.

When will Primark start home delivery in Great Britain?

This is the question most UK shoppers will want answered, and the one ABF has so far avoided. In September, Primark confirmed home delivery in Great Britain for the first time, ending a store-only model it had defended for two decades. The trading update said Primark would “in the future offer home delivery in Great Britain” and had acquired “a highly-automated fulfilment facility in Sheffield” to support it.

No launch date was given. Reuters reported on 29 October that Weston “has not said whether the service will launch before the demerger, expected to complete in December 2027”. That leaves a window of anywhere from a few months to more than a year. Results day is the first scheduled opportunity for management to narrow it.

The Sheffield site was bought from Debenhams Group for £90m, according to coverage at the time of the announcement. It already contains automation equipment configured for online fashion orders, which in theory shortens the time needed to start shipping parcels. The bigger unknowns are delivery charges, minimum order values and returns.

The handover timing narrows the window. According to TheIndustry.fashion, Debenhams Group has received £76.5m of the £90m, with the remaining £13.5m due on vacant possession in early 2027, and Debenhams will keep using Sheffield through Black Friday and Christmas before moving its own fulfilment to a site in Burnley. On that timetable, Primark parcels are unlikely to ship from Sheffield before 2027.

Why the delivery terms matter more than the date

Primark’s average basket is small by fashion standards. Delivering a £6 T-shirt costs roughly as much as delivering a £60 coat, and returns add a second set of costs. Retailers usually manage this with a minimum spend for free delivery or a flat delivery fee. The level Primark chooses will decide whether home delivery is a genuine alternative to visiting a store or an occasional convenience for larger orders.

ABF has framed delivery as “incremental and profitable growth”. That wording suggests Primark will price delivery to protect its margin rather than to compete head-on with free shipping offers from online-only rivals. Shoppers should not expect Primark’s in-store prices to be matched by free delivery on small orders.

Click & Collect gives a clue to how Primark thinks. The service now covers every Primark store in Great Britain, and ABF says Click & Collect sales “continued to grow well in the UK” in the fourth quarter. Because collection orders travel through the existing store delivery network, they cost Primark far less than home parcels, and they bring shoppers into stores where they often buy more.

Who will be left out

The commitment covers Great Britain: England, Scotland and Wales. On the wording released so far, it does not include Northern Ireland or the Republic of Ireland, where Primark trades as Penneys. Shoppers in Belfast or Dublin should not assume they will be included at launch.

How does the Primark demerger affect shoppers?

On 21 April 2026, ABF announced that its board had decided to demerge Primark from the food businesses. When it completes, ABF shareholders will hold shares in two separately listed companies, and ABF expects both to be large enough to join the FTSE 100. The September update said the demerger was “expected to be completed in December 2027”.

Reuters described it as the FTSE 100’s largest ever retail demerger. It will end six decades of ABF ownership, during which the group built Primark from a single Dublin store into a chain with 511 shops across 21 markets. The Weston family’s holding company, Wittington Investments, owns about 60% of ABF and has committed to keeping majority ownership of both businesses, according to Reuters.

For shoppers, the immediate effect is limited. The stores, prices and brand will not change because of the legal separation. The longer-term effect is about priorities: as a standalone listed retailer, Primark will be judged by investors purely on its own sales and profit growth, without a food business to smooth the numbers.

What investors want before the split

Reuters spoke to investors and analysts ahead of the results. David Samra, managing director of Artisan Partners, ABF’s second-largest shareholder with a stake of about 5%, told the agency that better Primark sales growth and a return to profit in sugar would matter more than the demerger itself. “If you get those two things, you’re going to have a very good outcome,” he said.

Samra also argued that ABF’s problems are the reason for the split, not an obstacle to it. “AB Foods’ issues aren’t ones that are standing in the way of this separation happening, they’re issues that are the reasons why this is happening,” he told Reuters. A person familiar with the board’s thinking told the agency that “no one is expecting share prices to pop on the day of demerger”.

ABF’s demerger hub says management intends to hold dedicated investor sessions on Primark and the food business before the separation. Results day may bring dates for those sessions, an early estimate of separation costs, or detail on how Primark’s board will be structured. Each of those would indicate how much freedom Primark will have to change its strategy, including on online sales.

How is Primark coping with Shein and Temu?

Reuters reported that Primark is “battling slowing sales growth and intensifying competition from China’s Shein and Temu”. The two marketplaces sell very low-priced clothing directly from overseas warehouses and suppliers, competing on price with exactly the shoppers Primark has always targeted.

The scale of that competition in Britain is now substantial. Shein’s UK revenue reached £2.58bn in its latest accounts, more than the whole of Asos, and Temu has grown rapidly from a smaller base. Both reach UK customers through online channels that Primark, until it launches delivery, does not offer.

Jefferies, the investment bank, has been particularly sceptical. Reuters reported that Jefferies regards Primark as “among the most disadvantageously positioned clothing retailers”, citing pressure on its low-income customers and the time needed to build a home delivery business. The bank forecasts negative like-for-like sales in 2027 and rising cost pressures the following year, according to the agency.

The customs loophole that is closing

One factor could narrow the gap. Low-value parcels sent directly to consumers have historically benefited from customs reliefs, which helps overseas marketplaces sell cheaply. The European Union is removing its equivalent exemption, and the UK government has said it will end the £135 duty relief on low-value imports, with the change expected by 2028.

ABF has not yet seen any benefit from the EU change. Reuters reported that management “says it has yet to see a benefit from the European Union’s removal of customs exemptions used by low-cost online retailers such as Shein and Temu”. The UK change is further away, so any effect on Primark’s British trading is unlikely before 2028.

On results day, ABF may be asked whether it expects these rule changes to help Primark’s prices look more competitive. A cautious answer would suggest the company sees its own price cuts, not regulation, as the main lever for winning back shoppers.

What does the wider UK clothing market look like?

Primark’s UK performance should be read against a weak backdrop. ABF said that in the fourth quarter Primark “continued to gain market share in a market that declined in the period”, citing Kantar data for the 12 weeks to 19 July 2026. Gaining share in a shrinking market produces only modest sales growth.

Official data points the same way. UK retail sales fell 0.4% in September, according to the Office for National Statistics, with online sales slipping ahead of the Black Friday period. The British Retail Consortium’s shop price monitor for October showed non-food inflation rising to 1.7%, which means clothing retailers are also facing higher costs from suppliers.

The government’s Budget on 28 October added to the pressure on store-based retailers. The National Living Wage for workers aged 21 and over will rise from £12.71 to £13.20 an hour from April 2027. Retail trade bodies, including the BRC, have said the Budget did little to ease cost pressures. For a business with hundreds of large stores and thousands of hourly-paid staff, wage costs are a central part of the margin outlook.

Primark compared with its listed peers

Investors currently value ABF at a discount to specialist clothing retailers. Reuters reported that ABF trades at 13.5 times forward earnings, about 23% below Next and roughly 40% below Inditex, which owns Zara, and H&M. Part of the purpose of the demerger is to let Primark be valued alongside those companies rather than alongside a sugar business.

Company	UK home delivery	Business model	Valuation point reported by Reuters
ABF (Primark)	Announced, no launch date	Store-led, Click & Collect across GB	13.5 times forward earnings
Next	Long established	Online and platform-led, with stores	ABF trades about 23% below
Inditex (Zara)	Long established	Integrated stores and online	ABF trades about 40% below
H&M	Long established	Integrated stores and online	ABF trades about 40% below
Shein and Temu	Core channel, shipped from overseas	Online marketplace only	Not compared

Source: Reuters, 29 October 2026; company disclosures. Valuation comparisons apply to ABF as a whole, not Primark alone.

ABF’s market value is about £13.9bn, or roughly USD 18.5bn at the rate of USD 1 to GBP 0.7505 quoted by Reuters on 29 October. Its shares are down about 15% over the past year, the agency reported, against a rising FTSE 100.

What else could move ABF’s numbers on 3 November?

Although Primark is the part of ABF that shoppers know, the food businesses can shift the group’s headline profit. The biggest drag is sugar. ABF has guided to a sugar adjusted operating loss towards the higher end of its £25m to £60m range for 2026, and a much larger loss of £70m to £170m in 2027.

The company blamed low European sugar prices, higher gas costs and a weaker UK beet crop after the hot, dry summer. In July, ABF said it would stop processing beet at its Cantley site in Norfolk in 2027, reducing British Sugar from four UK sites to three. Grocery, meanwhile, absorbed the Hovis bakery business, whose acquisition completed in July.

At group level, ABF said in September that adjusted operating profit would be “broadly in line with our previous expectations”, while adjusted earnings per share would be “ahead of our expectations”, helped by share buybacks. In the first half, group revenue was £9.47bn and adjusted operating profit fell 18% to £691m. Invezz reported analyst commentary at the time of the trading update that market forecasts for full-year group operating profit were around £1.5bn.

Shareholder returns

ABF paid an interim dividend of 20.7p per share in 2026, unchanged on the previous year. The final dividend and any update on the share buyback programme are normally announced with annual results. These matter more to investors than shoppers, but a cut would signal that the board wants to preserve cash ahead of the demerger.

What should shoppers watch for on results day?

Most of the trading numbers are already known, so the useful signals will come from the outlook and the commentary. The checklist below sets out the main questions and what each possible answer would mean.

1. A home delivery launch window. Any date, even a season such as “spring 2027”, would be the first firm timetable. Silence would suggest the service is still some way off.
2. Delivery charges and minimum order. If ABF gives any detail on pricing, it will show whether delivery is aimed at everyday shoppers or larger occasional orders.
3. Autumn trading since mid-September. ABF said trading improved when the weather cooled. A positive update on October would suggest the UK recovery has resumed.
4. The cost of Iconic Value. Comments on whether the lower prices are paying back in volume will indicate whether they survive into 2027.
5. Store openings and closures in the UK. ABF expects new space to add about 4% to sales growth in 2027, mostly from Europe, the US and franchise markets. Any UK store plans will interest town centres.
6. Demerger costs and timetable. Confirmation of December 2027 and an estimate of dis-synergy costs would show how much the separation will weigh on Primark’s margin.

Christmas and Black Friday

The results land just over three weeks before Black Friday on 27 November. Several UK retailers have already started early Black Friday sales, but Primark has not traditionally run Black Friday discounting in the same way, relying instead on permanently low prices. ABF’s comments on the Christmas season will show whether Primark plans to stick to that approach while rivals discount heavily.

Primark will also be competing for festive spending against chains that are offering home delivery, price promises and extended returns. Its main advantage remains the store estate. Shoppers who prefer to see and try clothes before buying will still find Primark’s large stores the main route to its range this Christmas.

What happens after results day

Beyond 3 November, the timetable is set largely by the demerger. ABF has said it intends to complete the separation in December 2027, subject to approvals and tax clearances. Before then, it plans to host investor sessions on each business, and it is expected to publish a prospectus for the new Primark listing.

Primark’s 2027 financial year will also be longer than usual, with 53 weeks rather than 52, which flatters year-on-year comparisons. ABF has said it is focused on returning to like-for-like sales growth, supported by more marketing and digital investment. It has also extended its franchise agreement with Alshaya Group to Saudi Arabia, with a first store expected in spring 2027, and signed a franchise deal with El Puerto de Liverpool in Mexico.

For the UK, the key milestone remains the launch of home delivery. Once it begins, Primark will compete directly online with Next, Marks & Spencer, Asos, Shein and Temu for the first time. The results on 3 November are the first chance to learn when that contest will start and on what terms.

Frequently asked questions

When does Primark announce its results?

Primark’s owner, Associated British Foods, is scheduled to publish its annual results for the 52 weeks to 12 September 2026 on Tuesday 3 November 2026. The date appears on ABF’s financial calendar and was confirmed in its September trading update.

Is Primark doing well in the UK?

Better than elsewhere. ABF expects Primark’s UK like-for-like sales to rise about 0.6% for the 2026 financial year, compared with a 3.0% fall in 2025. In the first half, UK like-for-like sales rose 1.3% and Primark’s share of the UK clothing market rose to 7.0%, according to Kantar data cited by ABF. The fourth quarter was broadly flat because of hot weather.

When will Primark start home delivery?

No date has been given. ABF said in September that Primark would “in the future offer home delivery in Great Britain” and bought an automated fulfilment centre in Sheffield to run it. Reuters reported that management has not said whether the service will launch before the demerger in December 2027.

Will Primark home delivery cover Northern Ireland and Ireland?

The announcement covers Great Britain only, meaning England, Scotland and Wales. ABF has not said whether Northern Ireland or the Republic of Ireland, where Primark trades as Penneys, will be included.

Is Primark being sold?

No. ABF plans to demerge Primark, which means separating it into its own stock-market-listed company. Existing ABF shareholders will hold shares in both businesses. The Weston family’s company, Wittington Investments, has committed to keeping majority ownership of both, according to Reuters.

Will Primark prices go up?

There is no announcement of price rises. Primark cut prices on hundreds of autumn and winter items through its “Iconic Value” campaign in July, and ABF has guided to a margin of about 10% in 2027 to allow continued investment in prices. Higher wage costs from April 2027 add pressure, so the results commentary on pricing is worth watching.

Why are Primark’s sales falling in Europe?

ABF blames weak consumer confidence in continental Europe and says its initiatives to improve the offer there are at an earlier stage than in the UK. Like-for-like sales in continental Europe are expected to fall 4.7% for the year. The region accounts for about 47% of Primark’s sales.

How does Primark compare with Shein and Temu?

Primark competes on low prices through large physical stores, while Shein and Temu sell online and ship from overseas. Reuters reported that competition from the two marketplaces is one of Primark’s main challenges. Primark’s planned home delivery service and the end of the UK’s £135 low-value import relief by 2028 could narrow the gap over time.