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Primark profits rocket 44% in 'outstanding' year

Primark revenues rose 22% in the year to September 14, as profits rocketed by 44% in what the business dubbed an “outstanding” year.

Revenues rose to £4.27bn in 2013, while profits were up from £356m to £514m. Adjusted profit margin rose to 12%, while return on average capital employed climbed from 19.2% to 26.1%.

ABF said the results were driven by “an increase in retail selling space, like-for-like sales growth of 5% for the full year, and superior sales densities in the larger new stores”, although it noted the impact unseasonable weather had in March and April.

“Trading at other times of the year was strong, building upon the success of the comparable periods in the prior year,” the company statement said. Sales in continental Europe also grew during the year, and there are further store openings planned in Spain, as well as its first in France.  

The business, which was caught up in the Rana Plaza factory tragedy this spring, noted that it had “strengthened our in-country teams of ethical trading specialists who are critical in supporting sustainable improvements within supplier factories, and providing greater visibility across the supply chain”.

The chairman added: “The tragic events in April caused by the collapse of the Rana Plaza building near Dhaka, Bangladesh were deeply saddening. Our response to these events was based on our determination to alleviate hardship arising from this disaster as quickly as possible. We were able to achieve this as a result of the experience and capability of our in-country team. The operating review contains considerable detail about the company’s response. The board remains committed to the highest ethical standards not just at Primark but across all of the group’s businesses.”

Readers' comments (1)

  • Congratulations to Primark for continued success, consistently performing on strong comparables. It truly focuses on great product, outstanding value and the new shop fits provide a great environment. Many high Streets would be in a worse state of footfall if Primark wasn't there.

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