Primark expects higher profits on stronger sales and store openings
Associated British Foods has announced that "operating profit for the second half will be ahead of expectations" as results are boosted by a strong performance from fashion retailer Primark.
Sales at Primark for 2013 are now expected to be 22 per cent higher than the last at actual exchange rates.
Here's what they put the improvement down to:
This excellent result was driven by an increase in retail selling space, like-for-like sales growth which we expect to be close to 5% for the full year, and the superior sales densities in the larger new stores.
Primark's like-for-like sales are expected to see near five per cent growth for the full year, with the opening of 16 new stories adding 0.8m square feet of selling space, to a total of nine million square feet across the country.