Primark still in fashion as recession bites
Posted by Lucky on Jan 15, 2010
Britain’s love affair with cut-price clothing shows no sign of waning according to Primark, which yesterday reported underlying sales growth of nearly 10pc.
Primark, owned by Associated British Foods, also revealed total sales, including new openings, rose 19pc in the four months to 2 January.
The surge was all the more impressive because Primark was one of the few High Street retailers that was reporting strong sales growth a year ago and did not have the advantage of being flattered by comparisons with Christmas 2008 like many of its rivals.
ABF finance director John Bason described Primark as the High Street ’story of the decade’, saying it was not just the recession that has forced consumers to flock to reasonably priced fashion.
He explained: ‘Primark has grown year after year, has put pressure on the middle market and changed the way people view going shopping.’
Across its food divisions, ABF said it had benefited from improving prices for sugar in China, while Twinings tea and Ovaltine both sold strongly.
ABF shares rose 9.5p to 869p.
