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Struggling pound brings sales boost for Primark

By Ben Woods

Primark owner Associated British Foods (ABF) said sales at the retailer have jumped by more than a fifth thanks to a boost from the Brexit-hit pound.

The fashion retailer, which has eight stores in Northern Ireland, saw sales at actual exchange rates leap 22% compared with last year as it also benefited from a 16% increase in selling space in the 16 weeks to January 7.

Like-for-like sales for the period were good and market share had stepped up, but group like-for-like sales were pegged back by a drop-off in Germany and the Netherlands.

ABF group revenues rose 22% as the company enjoyed a fillip from sterling's weakness following Britain's vote to leave the European Union.

On currency, the firm said its operating profit margin would decline throughout the year as it grapples with the impact of the strong US dollar on input costs.

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