Discount chain Primark continues to defy the recession with sales soaring by 15 per cent in the
last few months.
Parent company Associated British Foods (ABF) credited strong trading in Spain and very encouraging progress made in its other continental European stores for having an excellent year.
Primark, which trades from 198 stores with 6.2 million sq ft of selling space, has opened new stores in Chester in the UK and Barcelona in Spain and completed the extension of our store in East Ham in London in the last 12 months. Another five stores are now planned to open before the year end, two in Spain in Castellon and Elche, two in the UK in Bury and Blackburn and one in Killarney in Ireland.
ABF said in a statement: “Revenue year-to-date has increased by 17% driven by an increase in retail selling space and further like-for-like sales growth. Sales since the half year were 15% ahead, with a weakening of the euro in the quarter having an adverse effect on non-UK revenues when translated into sterling. Operating margins for the second half of the year have been strong and the margin for the full year is now expected to be ahead of that achieved last year with the benefit from increased volumes more than offsetting higher freight charges and the effect of adverse currency movements on supply costs.”
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