Partner Article

Primark enjoys recession profits

Primark’s success on the high street showed no signs of ending after the retail chain reported a 20% jump in sales for the current financial year.

Associated British Foods, which also owns the brands Twinings, Kingsmill and Silver Spoon, said Primark’s improvement in the 40 weeks to June 20 reflected store expansion and “excellent” growth in like-for-like sales.

In the most recent 16 weeks of the trading period, Primark’s sales rose by 21% as the chain’s low-cost products attracted shoppers during the recession.

The discount fashion chain now has 190 stores following expansion in the UK and Spain in recent years.

The progress at Primark was offset by tougher trading for the company’s Kingsmill business Allied Bakeries, which saw volumes impacted by the loss of low margin own-label and some branded bread business.

This was posted in Bdaily's Members' News section by Ruth Mitchell .