Primark boosts parent company
A strong performance by fashion chain Primark in recent months will help owner Associated British Foods (ABF) deliver better than expected results for the first half of its financial year.
It said that sales at Primark, which trades as Penneys in Ireland, have been "exceptionally strong" in the first six months of the group's financial year, which ends on March 2.
Primark sales jumped 23% year-on-year, driven by "very strong like-for-like" sales growth of 7% and a big increase in the amount of selling space operated by the chain, which is headquartered in Dublin.
The better-than-expected showing for Primark is in contrast to rival Marks & Spencer, which according to leaked industry figures at the weekend has continued to lose market share in fashion.
Primark said the pace of new store openings will slow in the remainder of the financial year before picking up again in the next. Plans for this year include the completion of extensions to its Newcastle and Manchester stores.