Sales soar at budget retailer
THE discount fashion chain Primark is outperforming its peers but sugar is starting to look a bit sticky, Associated British Foods has said.
Primark had a very strong end to the financial year which ends on Saturday with sales up 22%, and sales by stores open for at least a year are up 5%.
"We have completely sold our spring and summer stock," the finance director John Bason said.
The budget fashion chain will open its first store in France, in Marseille, in December with plans for more stores on the outskirts of Paris during 2014.
On the grocery front, ABF's Kingsmill has overtaken Hovis as the UK's second best-selling bread brand behind the privately owned Warburtons.
But the sugar business, which had a phenomenal 2012, is looking at a tougher 2014. Mr Bason said: "Sugar prices have fallen earlier and by more than we had expected as more supply comes on to the market. Negotiations with our European customers are proving challenging."