Primark profits rise by 19%

0
46

Revenues soared to £7.05bn as the chain, which has a store in Cheltenham continued to expand.

UK sales were up 10 per cent on last year, with the company’s share of the clothing market increasing significantly. Even after opening 30 stores in nine countries with 1.5 million square feet of selling space, the company said Primark still has room for further growth, as reported by the BBC.

This is all good news for Primark’s parent company, Associated British Foods (ABF), which said adjusted operating profit rose 22% to £1.36bn in the year to 16 September, with group revenues up 15% at £15.4bn. With more than 60% of ABF’s sales and profits generated outside the UK, the results benefited from a weaker pound.

ABF owns several grocery brands, including Kingsmill, Ovaltine, Patak’s and Twinings.