×
54
Fashion Jobs
H&M
Security/ Compliance Manager
Permanent · HO CHI MINH CITY
H&M
Area Manager - Vietnam
Permanent ·
L'OREAL GROUP
Key Account Executive - Modern Trade
Permanent · Ho Chi Minh City
PUMA
Assistant Manager Development Fabric Apparel
Permanent · Ho Chi Minh City
L'OREAL GROUP
Online Brand Manager - Vichy & la Roche Posay
Permanent · Ho Chi Minh City
L'OREAL GROUP
Social Manager - Consumer Product Division
Permanent · HO CHI MINH CITY
PUMA
Senior Executive People & Organization - Temporary
Fixed-term · Ho Chi Minh City
COLUMBIA SPORTSWEAR COMPANY
Accessories And Equipment Merchandiser
Permanent ·
COLUMBIA SPORTSWEAR COMPANY
Senior Merchandiser - Apparel (Outerwear And Sportwear)
Permanent ·
COLUMBIA SPORTSWEAR COMPANY
Temp Accountant
Fixed-term ·
H&M
Nhân Viên tư Vấn Bán Hàng Toàn Thời Gian Tại Vincom Plaza hạ Long
Permanent · HẠ LONG
ADIDAS
Senior Footwear Designer
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Corporate Social Manager
Permanent · Ho Chi Minh City
PUMA
Assistant Colorist Apparel - Temporary
Fixed-term · Ho Chi Minh City
UNDER ARMOUR
Lead, Lab Manager - Footwear
Permanent · HO CHI MINH CITY
H&M
Nhân Viên tư Vấn Bán Hàng Toàn Thời Gian Khu Vực Crescent Mall
Permanent · HO CHI MINH CITY
H&M
3pl Business Expert - Warehouse Operations
Permanent · BIEN HOA
H&M
Distribution Center Manager
Permanent · BIEN HOA
H&M
Store Department Manager (Quản lý Ngành Hàng Tại Cửa Hàng) - đà Nẵng Based
Permanent ·
H&M
Nhân Viên tư Vấn Bán Hàng Toàn Thời Gian Khu Vực Aeon Mall hà Đông
Permanent · HANOI
H&M
Nhân Viên tư Vấn Bán Hàng Bán Thời Gian Khu Vực Aeon Mall hà Đông
Permanent · HANOI
H&M
Department Manager (Quản lý Ngành Hàng) - Khu Vực Ocean Park Gia Lâm
Permanent · HANOI
Published
Nov 29, 2017
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Morgan Stanley downgrades Primark owner on US store concerns

Published
Nov 29, 2017

Morgan Stanley has downgraded Associated British Foods on the back of an expansion slowdown at Primark’s US operations. It has downgraded the stock from ‘overweight’ to ‘equal weight’, although its share price target has been raised.


Primark



The investment bank believes that information in the latest ABF results statement suggests that the US is proving a harder market to crack than the hugely successful Anglo-Irish company might have expected.

Earlier this month Fashion Network reported that Primark continued to see stellar results globally but there was relatively little information about the US. The company said that during the two years since the opening of its first US store it had “learned much about trading in the US” and was constantly “fine-tuning our ranges and store size to recognise the different demands of US shoppers”. 

It had added new space to some existing stores but had also reduced the size of others. It still plans to open its ninth US store in Brooklyn, New York in the summer. 

But Morgan Stanley is discounting the prospects for further fast US expansion, a Proactive Investors report said.

However, as the raised share price target shows, Morgan Stanley isn’t suggesting Primark is struggling and still sees it as crucial to ABF’s growth. 

“We have not given up on Primark eventually succeeding in the US, but now believe that it will be at least another 12-18 months before any further expansion is announced, and with Primark currently delivering c7% [like-for-like] sales in the UK, and sales densities in Europe already extraordinarily high, we find it hard to see where incremental good news will come from in the coming months,” it said.

Copyright © 2022 FashionNetwork.com All rights reserved.