Business

Thursday 21 August 2014

Primark to report bumper profits with sales jump

John Mulligan

Published 25/02/2013 | 12:40

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A STRONG performance by fashion chain Primark in recent months will help owner Associated British Foods (ABF) deliver better than expected results for the first half of its financial year.

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It said this morning that sales at Primark, which trades as Penneys in Ireland, have been “exceptionally strong” in the first six months of the group's financial year, which ends on March 2.

Primark sales jumped 23pc year-on-year, driven by “very strong like-for-like” sales growth of 7pc and a big increase in the amount of selling space operated by the chain, which is headquartered in Dublin.

“Operating profit margin was much higher than in the same period last year, reflecting the benefit of lower cotton prices and better trading,” said ABF in a statement.

Controlled by the Weston family, ABF has interests in a diverse range of sectors from sugar production to agricultural products and retail. It also owns brands such as Ryvita and Kingsmill. The Weston family also own Selfridges and Brown Thomas in Ireland.

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