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Primark sales strong after international expansion

Primark’s total sales were ahead of expectaions for the first quarter, up 19% on last year for the 16 weeks to January 2.

The value fashion chain declined to give a figure for like-for-like sales but said they had been “very good”, particularly in Spain and the UK.

However Primark said its sales in the Republic of Ireland had suffered with the effects of the tough economic recession.

Gross margin for the company also saw some reduction as a result of the higher cost of goods sourced in US dollars.

Since last year Primark has opened five new stores – Cambridge and Wood Green in the UK, Frankfurt in Germany, Porto in Portugal and its first store in Belgium in Liege. It also extended its store in Waterford in Ireland.

Overall, Primark parent Associated British Foods said group revenue was up 17% or 11% at constant exchange rates.

The group said its trading for the period was ahead of expectations but that there remained some uncertainty over the pace of the economic recovery and the outlook for the UK consumer.

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