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Sales expected to rise at Primark

Sales at Primark for the 24 weeks to 2 March 2019 are expected to be 4% ahead of the same period the previous year, driven by new store openings.

The retailer said that profits for the period are expected to be “well ahead” of the same time the previous year, thanks to higher margins and an “encouraging” reaction to spring ranges.

Although it did not give figures, Primark added that cumulative like-for-like sales have improved since its last trading update in January, when it experienced a “modest” decline.

Sales in Europe are expected to be 5% up on last year thanks to strong sales growth in Spain, France, Italy and Belgium.

However, like-for-like sales in the region are expected to decline by 3%, as the retailer said trade in Germany continues to be difficult. It will reduce the size of some German stores to help improve costs, as well as strengthening management and focusing on marketing.

Primark will open its first store in Slovenia, in the capital Ljubljana, this summer and has also signed the lease on its first store in Prague.

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