Monday, August 23, 2010

Primark in their droves over Christmas with sales

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Thrifty fashionistas headed to Primark in their droves over Christmas with sales at the low-cost clothes chain up 19%.

Primark lured shoppers over Christmas with cheap fashion choices

Parent company Associated British Foods (AB Foods) said the strong year-on-year figure reflected an increase in selling space.

Sales were particularly strong in the UK and Spain.
"First quarter sales were 19% ahead of last year reflecting the increase in retail selling space and very good like-for-like sales growth, particularly in Spain and the UK, although sales in Ireland are seeing the effects of economic recession," AB Foods said.

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Overall sales growth for the group as a whole stood at 17%.
The London-based company markets Silver Spoon sugar, Twining tea and Ovaltine drinks.
AB Foods said it expects good revenue growth and a significant rise in operating profits in the year to September 2010 and is confident of a good rise in earnings.
The group, which is 55% owned by the family of chief executive George Weston, was reporting its first quarter sales which covers the 16 weeks to January 2.
"Trading results for this period were very encouraging and ahead of our expectations... We expect good revenue growth and a significant increase in operating profits this year," AB Foods said.
Fellow value clothes and homewear retailer Matalan this week celebrated a 13.7% rise in like-for-like sales over the festive period.

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