PRIMARK sales have jumped 15 per cent after the discount retailer benefited from continued UK growth and a major European expansion drive.
The retailer, which is owned by Associated British Foods, achieved the year-on-year improvement in the 16 weeks to 3 January despite the impact of unusually warm autumn weather.
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AB Foods expects Primark’s growth to continue over the rest of the financial year to September, although this will not be enough to offset the impact of lower prices on its sugar production business AB Sugar. Primark recently toasted a “magnificent” year with annual sales of nearly £5 billion and a 29 per cent rise in profits.
In a recovery from the difficult conditions seen over the autumn, AB Foods said yesterday that the chain’s trading performance for the last five weeks, including Christmas, was strong with like-for-like sales growth in the UK and Ireland.
Meanwhile, rival H&M saw higher sales growth than expected in December.