Primark saw operating profit rise 22% to £111 million and sales increase by 25% to £899m for the 24 weeks to March 1.
Primark saw like-for-like sales rise 4% over the first half, outstripping the performance of the retail sector as a whole.
Primark, which is now the second largest fashion retailer in the UK by volume, said that it was pleased with the performance which beat expectations over the Christmas trading period.
The retailer increased selling space in the first half of 2007 which has helped to grow revenues in the first half of this year. It plans to open eight new stores in the second half of the year including four in Spain, which with store extensions planned will add 300,000sq ft to selling space this year. Its existing stores in Spain are outperforming the UK and Ireland shops, with average sales densities ahead.
Primark’s parent company Associated British Foods spent £64 million on new stores and refurbishments for Primark during the six month period.
George Weston, chief executive of Associated British Foods, said: “These results demonstrate that the group remains on track with growth from grocery, ingredients and agriculture and another excellent performance from Primark. The development of our businesses continued apace, most notably with further substantial investment in sugar and expansion at Primark.”
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