UK: Primark produces further profits during first half
High-street value favourite Primark has reported a six-month profit jump of 20% to GBP17m (US$30.26m), showing further evidence of its ability to rise above difficult market conditions.
Same-store sales during the first half of the year grew 6%.
Parent company Associated British Foods, however, painted a less pleasing picture, with a 13% earnings slump to GBP234m. Group revenue was up 10% to GBP2.9bn.
CEO George Weston remained optimistic, however, pointing out it was making "heavy investment" into Primark.
He said: "The resilience of the group's operations has produced good results despite tough trading conditions in some markets and sharply higher energy costs. Primark continues to perform strongly and will benefit from the heavy investment now being made in its expansion, while our hot beverages and international yeast businesses are also doing well."
Primark has been celebrated for its ultra-low prices and trend-right styles which have recently made it into the pages of glossy fashion magazines.
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