Speaking today at ABF's annual general meeting, chairman Martin Adamson said Primark, which is owned by the company, had a good trading year, despite the massive warehouse fire that destroyed£50 million of stock.
The retailer's selling space increased 40 per cent and it recorded revenue and adjusted operating profit increases of 18 per cent, up to£1.17 billion and£166 million respectively.
Adamson also praised the success of the retailer's significant expansion programme. He said that since the acquisition of the Littlewoods retail business in July last year, 36 of the acquired stores had opened and were trading under the Primark fascia. The retailer has 160 stores in the UK, Ireland and Spain.
With more openings planned for the new year, including a major store in London's Oxford Street, Adamson said: 'We estimate that by the end of 2007 we will be trading from 4.5 million sq ft compared with 2.5 million sq ft only 15 months ago.'
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