Associated British Foods, which owns the chain as well as AB Sugar, said turnover this year had risen by 15 per cent to £3.5 billion, with pre-tax profits going up from £761 million from £757 million compared to last year.
It means Primark has been one of the best performing shops in Britain and comes at the same time as Marks and Spencer announced that its own profits have declined by ten per cent.
AB Foods chief executive George Weston said Primark's success is down to its prices and fast adoption of catwalk trends.
"We have opportunities for further investment and the strength of the group balance sheet and a strong cash flow will enable us to pursue them with confidence," he added.
There was also good news in terms of sales recruitment with Primark, as 19 new stores had been opened by the end of the last financial year, creating 10,000 new jobs.
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Posted by Nikki Barrister
Source: The Sales Executive News