Newspaper article Evening Chronicle (Newcastle, England)

Primark's Annual Profits Boost after Expansion of Newcastle Store

Newspaper article Evening Chronicle (Newcastle, England)

Primark's Annual Profits Boost after Expansion of Newcastle Store

Article excerpt

PRIMARK hailed an "outstanding year" after its annual profits jumped by 44% to PS514 million.

Primark's expansion in the UK included the exntension of their store in Northumberland Street in Newcastle city centre.

The retailer, which has 161 of its 257 stores in the UK, grew sales by 22% to PS4.3 billion in the year to September 30, driven by the addition of new space and like-for-like growth of 5%.

Associated British Foods, which owns Primark as well as leading food brands Twinings and Kingsmill, said it expected another improvement in the retailer's performance in the current financial year. In contrast to the struggles of M&S as it tries to kickstart its clothing sales, AB Foods paid tribute to Primark's buying teams after autumn/winter and spring/summer ranges sold out with little discount.

The company expects to add more than a million square feet of space in the current year, including its first store in France, which will open in Marseille. …

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