Primark profits rise as it eyes international expansion

Primark Birmingham

Primark has posted an increase in full-year profits and set its sights on further international expansion, despite declining like-for-like sales.

The value fashion chain’s owner Associated British Foods (ABF) said operating profit at the retailer jumped 8% to £913m in the year to September 14.

Same-store sales dipped 1% in the UK and 2% across the wider Primark business. But total sales advanced 4.2% at actual exchange rates to £7.79bn, driven by new store openings.

In the UK, where ABF said it had been “encouraged” by the response to its new-look Birmingham store, total sales climbed 2.5%.

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