Primark delivers 'excellent' Christmas with sales up 12%
Primark owner Associated British Foods has said that the discount fashion retailer enjoyed Â“excellentÂ” Christmas trading with sales rising 12% at constant rates in the 16 weeks to 4 January 2014.
The group said the performance was driven an 8% increase in selling space, strong like-for-like sales growth and higher sales densities from new stores.
Although like-for-like sales in the first eight weeks of the period were held back by unseasonably warm weather and strong comparatives in the previous year, the second half of the period saw strong Christmas trading and like-for-like sales growth.
Operating profit margin was higher than in the same period last year and was better than expected.
Primark opened 14 new stores in the period including its first in France and three stores in the UK. New store openings planned for the current financial year include four in France, two in Germany and three in the UK including a relocation in Cardiff.
Looking ahead ABF said: “Building upon the like-for-like growth already achieved, and with the further store expansion planned for the remainder of the year, Primark's profit will be well ahead of last year with a higher margin than expected.”
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