Peacocks reported a surge of 8.3 per cent in like-for-like sales in the 14 weeks to March 28 after benefiting from its value position.

Total sales jumped 15.2 per cent for the period. Peacocks said that its ability to react to trends quickly at low prices has helped widen its appeal in the economic downturn.

Peacocks chief executive Richard Kirk said: “We have achieved excellent momentum during the course of the year. Our success in a more difficult trading environment reflects our ability to deliver unbeatable value by combining quality, style and low prices. We have many development opportunities in the UK and internationally and look forward to building on the progress we made last year.”

The fashion retailer has committed to increasing its store opening programme from 32 in 2008/09 to around 40 in 2009/10. It expects to create up to 750 jobs in the next two years.

Peacocks also said that its international business had performed well and it plans to continue rolling out stores abroad. It now operates 73 franchised stores worldwide.