Strong trading over the Xmas season saw Primark defy the general gloom on the High Street to post record sales.
Associated British Foods, the owner of the store reported that UK sales at the retailer had “exceeded our expectations” over the Christmas period.
“Sales at Primark were 4% ahead of last year, at both constant currency and actual exchange rates, and with a higher operating profit margin, profit was well ahead.” said the Company adding
” Sales growth was driven by increased retail selling space partially offset by a modest decline in like-for-like sales.”
“The UK performed well and our share of the total clothing market increased significantly. Sales were 1% ahead of last year for the period, in a market which declined year-on-year. Like-for-like sales in September and October were ahead but reduced footfall affected sales in November. Sales over the Christmas trading period exceeded our expectations.”