Primark sales continue to grow
Primark has continued to defy much of the gloom on the high street by posting a 20% jump in sales.
The budget fashion retailer’s parent company, Associated British Foods, says the bump in sales for the 40 weeks to June 20 was due to new store openings and higher like for like sales.
New Primark stores have opened in Germany, Portugal, Barcelona and London in the period. The group is looking to open a further six Primark stores in the UK this year including in Bristol,replacing one of the first Primark stores to open in the UK in 1974.
Sales in the four months to June 20 were even further ahead, up 21% year on year as customers turn to cheaper retailers in the recession.
Associated British Foods, which also owns FMCG brands Twinnings, Kingsmill and Silver Spoon, says group revenues were 19% ahead of last year for the 5 months to June.
The group says it remains “on track” to deliver higher operating profit in the second half of its financial year.
