Fast fashion retailer Primark has today reported a 15 per cent rise in revenue to £3.5 billion in its full year results as it continues to invest in expansion.
Sales in the UK were “particularly strong” according to parent company Associated British Foods (ABF), while operating profit margin stood at 10.2 per cent, level with last year.
Like-for-like sales grew three per cent in the year to September 15th 2012 thanks to an increase in selling space which saw the retailer open 19 new stores by the end of the financial year, bringing its total to 242.
In the UK, three new stores were opened, while the company also undertook major expansion in Iberia, particularly Spain, as well as opening four large stores in Germany and a flagship store in Edinburgh.
A statement from AFB said: “UK trading was particularly strong during the summer and sales in continental Europe remained buoyant.
“Trading in newly opened stores exceeded expectations and the opening of the new store in Berlin in July saw our most successful first day‘s sales ever.”
In the new financial year-to-date, store openings have continued with a second unit on London‘s Oxford Street and a new store in Austria, and a dozen further openings are on course to open by Christmas.
By the Spring, expansion of Primark‘s city centre shops will have been completed and stores in Manchester, Newcastle and Dublin will be open featuring a new store design complete with strategically placed mannequins and video screens.
Commenting on the strong results, ABF CEO George Weston said: “These are very good results for the group and include exceptional performances from AB Sugar and Primark.
“Global economic uncertainty remains but we have opportunities for further investment and the strength of the group balance sheet and a strong cash flow will enable us to pursue them with confidence.”