DAVY VIEW

Primark’s new Birmingham store sets the benchmark for the development of Primark in the UK and beyond. New in-store concepts (eateries, cafes, beauty bars, custom labs) enhance the customer experience, driving footfall, extending dwelling time and increasing sales densities. The introduction of a click-and-collect offering will drive incremental benefits to the Primark model in time. Primark’s market share gains prove that its bricks-and-mortar offering remains relevant. While share price performance has been strong year-to-date (+23%), we remain positive on Associated British Foods (ABF). Interim results will be released on April 24th.