Page last updated at 10:27 GMT, Tuesday, 4 November 2008

Primark sales defy retail gloom

Primark store
Sales are still growing at Primark

Discount fashion chain Primark has reported rising annual sales, despite the slowdown in consumer spending.

Primark's like-for-like sales - which strip out the impact of new stores - were up 4% in the year to 13 September.

The chain's performance helped Primark's parent company, Associated British Foods (ABF), to report a 3% rise in annual profits to 632m.

Operating profits at Primark rose 17% to 233m. The chain operates 181 stores in the UK, Ireland and Spain.

ABF said that it planned to open 12 new Primark stores in the coming year; four in the UK, one in Ireland and seven in Spain.

The company added that its grocery division - which includes brands such as Twinings tea and Ryvita crispbread - had seen operating profits rise 27% to 194m.

However, profits at its sugar division fell to 155m from 199m a year ago as a result of reforms to the EU sugar sector.

ABF said next year's earnings were expected to be little-changed because of higher interest costs.



Print Sponsor


SEE ALSO
Primark owner says sales are up
08 Sep 08 |  Business
Primark fires child worker firms
16 Jun 08 |  Business
AB Foods sees tough trading ahead
22 Apr 08 |  Business
Primark sales boost ABF prospects
25 Feb 08 |  Business
Primark enjoys strong Christmas
17 Jan 08 |  Business

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites


FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC iD

Sign in

BBC navigation

Copyright © 2020 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific