Primark is poised for further international expansion across the US and Europe following its first store in America in September and its second largest global branch in Spain earlier this month.
Commenting on the US store George Weston, Chief Exec of the value retailer’s parent company Associated British Foods, said: “The prices have amazed people and it’s trading well. But it’s only one store and it has only been trading for eight weeks, which is why we did not comment on it [in our results].”
ABF said that it would stay with its investment plans “most notably for Primark”, after reporting a 2% rise in operating profits to £673m. While retail trading wasn’t as “exceptional” as last year, the fast-fashion chain is still showing signs of growth and enjoyed an 8% jump in revenues to £5.3bn.
The discounter currently operates 293 stores, 164 of which are in the UK and the rest across Europe. Next year the company will move into Italy.
By the end of 2016, Primark will have opened an additional 1.5msq ft of stores, with another seven in the US and others in the UK, Spain and France. It is understood that there are also plans to open one of the biggest Primark branches in Birmingham come 2018 in a redeveloped shopping centre in the city.