Primark’s planned 2027 split starts with a weak like-for-like base

Primark sales rose 2% to about £9.8 billion, helped by new stores, while like-for-like sales fell 2.6% and mainland Europe dropped 4.7%. That distinction will matter when AB Foods separates the retailer in 2027: expansion can lift reported revenue, but a standalone Primark needs existing shops to sell more too. Group adjusted operating profit fell 14% to £1.51 billion, and Sugar is forecast to lose £70 million-£170 million this year. The split gives investors cleaner exposure, not an automatic cure for weak trading or commodity losses.