Primark Hits

Value retailer Primark, part of Associated British Foods, hit £1 billion ($1.5 billion) sales in its first half, up by 18 percent for the 24 weeks ended Feb. 28. Profit was up to £122 million ($178 million), up 10 percent on the previous year.

April 6, 2018

ABF said that trading over Christmas was ahead of expectations, but margins in the second half would be affected by the weakness of sterling against the U.S. dollar. Supplier and freight costs were decreasing, however.

During the first half Primark traded from 187 stores including three new stores in Spain at Oviedo, La Coruna and La Gavia (Madrid), bringing the number of stores in Spain to 12. It also opened its first store in the Netherlands, in Rotterdam. In the U.K., new stores were opened in High Wycombe and Corby.

During the second half, Primark plans to open a further seven stores including two more in Spain and its first stores in Germany and Portugal.

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