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Primark posts strong increase in full year sales

Primark owner Associated British Foods has said that like-for-like sales at its UK Primark stores climbed by 10% in the year to 16 September.

FASHION

Primark posts strong increase in full year sales

Primark owner Associated British Foods has said that like-for-like sales at its UK Primark stores climbed by 10% in the year to 16 September.

In a statement, the company said the increase was driven by the ability of its buying, merchandising and design teams in identifying and delivering key seasonal trends.

Sales in continental Europe were 16% ahead of last year at constant currency and on a comparable week basis.

During the period, the retailer’s adjusted operating profit rose by 3% to £735 million at constant currency.

Primark opened 30 new stores, including 11 in the UK, across nine countries. This brought the total estate to 345 stores. In the next financial year, the retailer is planning to introduce over 1.2 million square feet of additional selling space. France, Germany and the UK will see the most space added as the retailer opens 19 new stores and relocates and extends some outlets.

Across the wider Associated British Foods business, which includes sugar, agriculture, ingredients and grocery divisions, adjusted operating profit rose by 22% to £1.36 billion or by 13% at constant currency.

George Weston, chief executive of Associated British Foods, said: "This was a highly successful year for the group. These results reflect our international diversity, and the strong underlying performance of our businesses was driven by management actions throughout the year. Capital investment was a record as we continued to pursue the opportunities to grow our businesses into the future."

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