Associated British Foods (ABF), owner of fast fashion retailer Primark, has reported a total revenue of £4.72bn ($6.01bn) in the third quarter (Q3) of fiscal year (FY) 2023.

This is a 16% increase compared to the same period in FY22.

For the quarter ending 27 May 2023, Primark reported a sales growth of 13% to £1.99bn, driven by a like-for-like (LFL) sales growth of 7%.

In the UK, LFL sales grew by 6% while LFL sales in the rest of Europe rose by 7%.

In a statement, ABF said: “Primark has continued to trade in line with our expectations, with summer ranges performing well as the season started in our markets.

“As well as seasonal clothing and accessories, sales in health and beauty products were particularly strong. Sales in our flagship city centre stores have continued to be good.”

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By GlobalData

During the quarter, the company continued to deploy Primark’s upgraded website with launches in Germany, Spain, Italy and the US.

The company will launch in France shortly, with plans to roll out in remaining markets over the summer.

In addition, the company opened four stores in Q3 FY23 in Venice, Italy; Walden Galleria, Buffalo, New York; Toledo, Spain; and Bratislava, Slovakia.

ABF also signed a lease for the first Primark store in Texas.

Last month, the retailer revealed plans to open three new stores in the US by mid-2023.

In the year to date, Primark registered a revenue growth of 15% to £6.22bn and its LFL sales increased by 9%.

Revenues of ABF were £14.28bn in the year to date, up 17% against the corresponding period a year ago.

The company expects its adjusted operating profit for FY23 to be moderately ahead of FY22.