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Primark reports 'magnificent year' with huge increase in profits

Fashion chain Primark has reported adjusted operating profit is up 30% to £662m a...
Newstalk
Newstalk

07.55 4 Nov 2014


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Primark reports 'magni...

Primark reports 'magnificent year' with huge increase in profits

Newstalk
Newstalk

07.55 4 Nov 2014


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Fashion chain Primark has reported adjusted operating profit is up 30% to £662m and sales up 17%.

Primark’s owner, Associated British Foods, said results were driven by an increase in retail selling space, like-for-like sales growth and superior sales densities.

They also credited sales increases to the success of their autumn/winter and spring/summer ranges.

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The chain has added 21 new shops in the year, taking their total number of stores to 278.

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

Just a few weeks ago, it was reported that the clothing giant would be moving stateside.

Over the next 12 to 18 months seven Primark stores will open across the US. They will lease roughly 520,000 square feet of space from Sears.

The stores will be Sears stores in shopping centres across the United States and Sears will still have a presence at six of the stores.


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