Sales growth continues at Primark
Associated British Foods, the owner of Primark, has reported that sales have continued to grow strongly at the budget fashion chain.
In the 16 weeks to 23 June sales rose 13% as the retailer opened new stores and achieved further like-for-like sales growth. Trading in the UK and Ireland during the quarter was buoyant with the exception of April when cold and wet weather led to weak sales. Trading in continental Europe remained healthy throughout the period.
The group said Primark’s operating margins had improved in the second half reflecting lower input costs.
Four new stores were opened in the quarter, all of which were in Spain. As of 23 June Primark traded from 237 stores with 8 million sq ft of selling space. Since then the chain has opened its first store in Berlin and plans to open four more stores before the year end.
Across the ABF group as a whole, where brands include Silver Spoon sugar and Twinings tea, sales rose 11%. In a statement it ABF said: "The group remains on track to deliver substantial growth in both adjusted operating profit and adjusted earnings per share for the full year."
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