Penneys Profits: €2m Daily Revenue
Primark Invests €250m in Ireland, Creating 1,000 Jobs and Expanding retail Footprint
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Dublin, Ireland – Primark, the global fashion retailer known as Penneys in Ireland, has announced a meaningful €250 million investment program across the country over the coming years. This ambitious plan is set to create an additional 1,000 jobs and boost the company’s selling space in Ireland by an estimated 20%. The investment underscores Primark’s long-term commitment to Irish cities, towns, and local communities.
Major Investment in Distribution and Retail Expansion
A cornerstone of this investment is a new,state-of-the-art distribution facility in Newbridge,Co. Kildare, representing a €75 million outlay. This facility is expected to be operational within the next year and will play a crucial role in supporting Primark’s growing operations.
The company also highlighted recent retail developments, including the refurbishment of its Penneys store on O’Connell Street in Limerick, which reopened last week following a €5 million investment. Further expansion is planned with new stores set to open in Portlaoise, Limerick, and Ennis.
Primark’s Financial Performance and Global Growth
The latest accounts reveal a strong financial year for Primark Ltd, with overall revenues increasing by 5% to €4.1 billion from €3.91 billion in the previous year.This growth was driven by robust trading in key European and US markets, alongside steady performance from its irish stores and the addition of a new store in bray.
“We had a positive year in 2023-2024 with increased turnover and profit due to strong trading across our key growth markets in Europe and the US and also steady performance from our Irish stores and the addition of a new store in Bray,” a spokesman for Primark stated.
the company’s success is attributed to the enduring appeal of its value-driven clothing and the expansion of its product offerings. Globally, Primark continues its aggressive store rollout, recently entering its 17th market in Hungary and opening its 450th store in Orlando, Florida. The company aims to have 530 stores open worldwide by the end of 2026.
Financial Highlights and Employment
Primark Ltd’s financial statements show a post-tax profit of €771 million after a corporation tax charge of €109.9 million. The company also distributed dividends totalling €809 million. non-cash depreciation costs amounted to €86.53 million, with non-cash amortisation costs at €45.35 million.
The company’s workforce saw a slight decrease, from 7,064 to 7,054 employees, comprising 5,033 retail assistants, 595 retail managers, and 1,426 in central roles. Staff costs increased to €319.03 million from €300.19 million. Directors received variable payroll amounts of €5.12 million, with an additional €4.2 million under long-term incentive plans and €950,000 for compensation for loss of office.
At the close of September 14th, Primark Ltd’s accumulated profits stood at €1.6 billion.
The Primark Way franchise, developed and managed from Ireland, provides intellectual property, know-how, and services to Primark businesses internationally, contributing €1.25 billion to overall revenues. Intercompany supplies of inventory generated €2.1 billion, while Irish retail revenues accounted for the remaining €741.7 million.
The investment programme signifies primark’s dedication to enhancing its presence and contributing to the economic vitality of communities across Ireland.