Sales at Primark exploded by 37% to £1.6 billion and profits jumped 20% £200 million for the year to September 15.
Although like-for-like sales were flat at 1%, the value retailer estimated that like-for-like sales growth in stores unaffected by new openings was 7% ahead during the year.
Sales growth was driven by substantially more retail selling space. Retail selling space grew by 1.3m sq ft to 4.8m sq ft over the year, thanks to 32 new stores openings. Primark now has 170 stores.
Meanwhile Primark plans to open nine stores in the next financial year including shops in Ealing and Basingstoke in the UK and Cork in Ireland. Five stores are expected to open in Spain in Jerez, Bilbao and Oviedo, and two in Madrid.
According to TNS, Primark is now the second largest clothing retailer in the UK by volume and the largest in the value sector, with 9% of all clothing purchases in the UK taking place at Primark.
In last seven years Primark’s sales have increased four fold and the value chain contributes almost one third of profit at parent company Associated British Food.