Associated British Foods has announced that Primark's sales grew 22 per cent in the year to 22 June (release). Group revenue rose by nine per cent in the 40 weeks to 22 June, with retail seeing the biggest gains.
The firm said that Primark's sales were propelled by an increase in retail selling space and good like-for-like growth.
The increase in selling space was predominantly in the period leading up to Christmas. Like-for-like sales growth in the first half was flattered by an exceptionally strong start to the year with the benefit of seasonal autumnal weather in 2012 compared with an unseasonably warm autumn in 2011. In the third quarter, like-for-like growth was subdued during the very cold months of March and April but we have seen a marked improvement with the better weather in May and June.
The group remains on track to make good progress in adjusted earnings per share for the full year in line with expectation.