Primark remains a high street darling

PRIMARK, the discount fashion phenomenon, has enjoyed further growth in underlying sales since the onset of autumn.

Part of Primark's 2013 Winter collection. Picture: Contributed

Speaking at parent group Associated British Foods’ annual shareholders’ meeting yesterday, chairman Charles Sinclair said: “Trading in the year to date [since 14 September] has built upon the exceptional like-for-like growth delivered in the same period last year with further like-for-like growth achieved.”

He said that trading for the wider group had been in line with hopes and reiterated guidance for adjusted earnings per share in the 2013-14 year similar to that achieved in 2012-13.

The group expects a further reduction in profit from AB Sugar as sugar prices fall and the market rapidly adjusts ahead of regime reform in 2017, offset by better profit at Primark and its grocery business.

Primark expects to add more than one million square feet of selling space in 2013-14, up from some 800,000sq ft in the previous year.