Accessories Amazon Asda Christmas Expansion & Franchise Fashion HR News High Street John Lewis London Marks & Spencer Media News Results Retail Retail and Consumer Industry Retail news Sainsbury's Store Tesco UK brand china consumer deal deals and rumours department department stores e-commerce electricals expansion fashion news food grocer group launch luxury morrisons my online online retail people profit property retail property retailer sale sales supermarket waitrose
Primark owner sees revenues rise 11% Thursday, 12th July 2012
Photo credit: My Retail Media
Not even the wet weather could keep shoppers away from Associated British Foods’ (ABF) Primark stores, as the group reported back on a strong year of sales in its food and retailing businesses.
ABF, who also sells Kingsmill, Ryvita and Twinings tea, saw group revenues rise 11 per cent in the 40 weeks to 23 June, with good trading across the UK and Ireland.
Underlying like-for-like growth during this time rose 2 per cent, and has apparently continued this momentum into the final quarter.
Speaking to Reuters, ABF finance director John Bason said that “Primark is trading very well despite variable weather conditions”, before adding that he believed that the Olympics would bring an economic boost to the UK’s retail sector:
"I'm a believer that Olympics will create economic activity for the UK economy. People will be looking to Primark in the capital. People will be eating food and we provide basic staples for food. I think the Olympics will be good for us."
Primark currently trades from 238 stores, and will open four more by the end of the year, one for the UK and three more for its Spanish operations.