Budget fashion retailer Primark adds to today’s stream of positive Christmas retail sales updates, posting huge sales boosts from the devalued pound.
Parent company Associated British Foods (ABF) said Primark saw an 11 per cent jolt in sales over the Christmas period, or 22 per cent at actual exchange rates.
The company attributed this jump in sales to a 16 per cent increase in retail space in the 16 weeks to January 7.
READ MORE: Primark records growth but warns sterling fall could hit margins
Although ABF saw revenues rise by 22 per cent, capitalising on the Brexit-hit pound, like-for-like sales were hindered by poor performances in Germany and The Netherlands.
The company issued a warning for revenues over the coming year, as rising costs due to the strong dollar will begin to take their toll.
“We estimate Primark can double sales and profits over the next five years,” Liberum analyst Robert Waldschmid said.
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