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Primark sales and profits soar

Primark grew sales by 19% to £1.26bn and profits by 18% to £144m in the 24 weeks to February 27.

Like-for-like sales increased 8% in the period despite strong comparatives, and five new stores were opened; Cambridge, Wood Green, Frankfurt, Porto and Liege, its first Belgian store.

The company highlighted an “exceptional” performance from its 14 Spanish stores, and has acquired a 200,000 sq ft warehouse outside Madrid to service further growth in the country.

Primark’s operating margin of 11.4% was unchanged, with an increase in freight costs from Asia being countered by higher volumes.

The company expects to open six stores in the UK in the second half - three each in the UK and Spain - while the ten Bhs stores it has acquired will open in the next financial year adding 300,000 sq ft of selling space.

 

 

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