Retail Primark parent injects €210m into Penneys
The investments relate to the acquisition by ABF holding companies of capital held by group companies in Ireland, according to the documents. They do not appear to be injections to fund any major expansion in Ireland. Primark Limited operates more than 30 Penneys stores around Ireland. The most recent filings by the company show it reported overall turnover of more than €3.1 billion in 2022 – a 34 per cent increase year on year.Underlying sales growth slows at Penneys over busy Christmas periodThat figure was made up of a mixture of trading at Penneys retail stores, inter-company supplies of inventory to other entities in the Primark group, and franchise income.
Turnover from inter-company supply of inventory rose to €1.81 billion, up from €1.62 billion, due to higher supply.