Primark Ltd, the company behind the popular Penneys chain in Ireland, more than doubled its pre-tax profits to €881.5 million last year — averaging over €2 million in profits every day during its latest financial year.
Newly filed accounts for the 12 months ending September 14, 2024, reveal that profits surged from €416.6 million the previous year, driven by strong international growth and steady performance in the Irish market, despite weather-related challenges.
Revenues from Penneys’ 38-store network across Ireland dipped slightly from €744.5 million to €741.7 million. According to the company, poor weather during summer 2024 dampened footfall and sales, though this was partially offset by the opening of a new store in Bray.
Still, the Irish business averaged €14.26 million in weekly revenue. Overall, Primark Ltd’s total revenues rose by 5%, climbing from €3.91 billion to €4.1 billion. This figure includes €2.1 billion from intercompany inventory supplies and €1.25 billion through the Primark Way franchise model, which is developed and operated from Ireland and supports international Primark stores.
A company spokesperson described the year as “positive,” highlighting robust trading in the US and European markets, alongside continued strength in Ireland. “The expansion of our product range and entry into new markets like Hungary, as well as the milestone opening of our 450th store in Orlando, Florida, were key drivers of growth,” he said.
Post-tax profits stood at €771 million after a corporation tax bill of €109.9 million. The company also paid out €809 million in dividends and maintained strong reserves, with accumulated profits of €1.6 billion at year-end.
While Irish operations were described as “flat” overall, the directors noted stronger performance in the first half of the year. They attributed the second-half softness to adverse weather but said the Bray store launch helped counter the downturn.
Primark reaffirmed its commitment to Ireland through a €250 million multi-year investment plan. This includes a new €75 million state-of-the-art distribution centre in Newbridge, Co Kildare, due within the year. The programme is expected to create 1,000 new jobs and expand retail space by 20%.
Recent refurbishments include Penneys on Dublin’s O’Connell Street and in Limerick city, with further revamps planned in Portlaoise, Ennis, and Limerick.
Primark, which began as Penneys in Dublin in 1969, now aims to operate 530 stores globally by the end of 2026.
The company’s workforce stood at 7,054 employees last year, a slight decrease from 7,064. Total staff costs rose to €319 million, and directors received €5.12 million in variable pay, including €4.2 million under long-term incentive plans. An additional €950,000 was paid as compensation for loss of office.
