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Primark's "Magnificent Year"

Published on Nov 4 2014 8:44 AM in Food

Primark's "Magnificent Year"

Primark, owner Associated British Foods, has declared that the budget fashion chain has enjoyed "another magnificent year", with total sales up 16 per cent to £4.95 billion.

AB Foods credited an increase in the number of Primark stores, and the popularity of its autumn/winter and spring/summer ranges, for the performance.

The chain added 21 new stores in the year, taking its total to 278.

The strong performance helped lift pre-tax profit at AB Foods to £1.02bn.

"Primark's trading success and significant expansion delivered another magnificent year," said AB Foods chief executive George Weston.

The budget fashion retailer opened its first stores in France in the year, and it said sales across all five of its stores in the country had been "exceptional".

The company said its grocery division, which includes well-reputed food brands such as Kingsmill and Ovaltine, had also made "good progress".

However, it said the group's profit growth had been held back by lower sugar prices in the EU.

 

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