11 September 2012 10:47
Primark's parent company, Associated British Foods, has hailed a "particularly strong" summer of trading at the chain, which is expected to push revenues at the division up 17% over the current financial year, ending Saturday.
The retailer, which has 242 stores across Europe, was lifted by "buoyant" trading in continental Europe, even though much of the region is mired in a debt crisis. ABF estimated that, excluding the addition of 19 new stores over the year, sales would be 3% higher, with recently opened stores also exceeding expectations.
The company is already underway with its plans to open a new four-floor outlet on London's Oxford Street. It will also have 28 outlets in Spain after opening five new stores in the country this summer.
ABF's finance director John Bason said: "June, July and August have been great for Primark in the UK. Trading has picked up and there is no doubt Primark is thriving and gaining market share."
Shore Capital analyst Darren Shirley, who is forecasting group profits of £970m for this financial year, described Primark as "possibly the most potent retail format in the UK and, increasingly, Europe".