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Primark’s expansion plan boosts profits by 30% and sales by 17%

Primark increased sales by 17% to £4.95bn at constant currency for the full year to September 13, while like for likes increased by 4%.

Operating profit increased by 30% to £662m at constant currency and operating profit margin was 13.4%, compared to 12% in 2013.

Primark owner Associated British Foods (ABF) said the value retailer has had “another magnificent year” thanks to an increase in retail selling space and the success of its autumn/winter and spring/summer ranges.

ABF chief executive George Weston said: ”At Primark, a strong store opening programme, excellent buying, and higher sales densities in our new stores, all came together to drive revenues to within a fraction of £5bn with a further improvement in margin.

“As well as expanding in our more established UK market we also opened large stores in a number of major cities across Europe, including Lisbon, Madrid, Berlin, Cologne, Dusseldorf and Vienna.

“This year saw the opening of our first stores in France, firstly in Marseille quickly followed by Dijon and then three stores in the suburbs of Paris.”

Primark recently announced that its next new market would be in the north-east of the US, with the first stores expected to open in late 2015 and the retailer targeting up to 10 stores by the end of 2016. Eight stores have so far been confirmed.

The retailer added 1.4 million sq ft in selling space this year, relocating three stores, extending three stores and opening stores in 25 new locations. The estate is now seven times larger than in the year 2000 and comprises 278 stores and 10.2 million sq ft of selling space at the financial year end.

Readers' comments (1)

  • Unsuitable or offensive?
    DOUGLAS HOOD | 4 November 2014 10:50 am
    I hope Mr A , 30th October, reads your article of today reference Primark increase in turnover and profit!
    I look forward to reading his/her comments..

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