Primark parent Associated British Foods (ABF) has reaffirmed its belief that the value fashion chain will ride out the downturn.
ABF chairman Martin Adamson said: “I am confident that Primark’s market position and offering places it well to compete however difficult the trading environment.”
His comments followed the news that Primark is poised to overtake Asda’s George as the number one value fashion retailer in the UK in 2008 by market share, according to Verdict Research (RW, last week).
Profits at Primark jumped 17 per cent to£233 million in the year to September 13, when like-for-likes rose 4 per cent.
Adamson said: “We continue to pursue opportunities to bring Primark to UK towns and cities not served, as well as upgrading stores here and in the Republic of Ireland.” Expansion is also under way in the Iberian peninsula and new markets in Northern Europe will be tested.
Primark’s Oxford Street flagship is understood to have generated the biggest single-day sales in its history last Saturday. It took more than£600,000; average weekly sales are more than£2 million.
His comments followed the news that Primark is poised to overtake Asda’s George as the number one value fashion retailer in the UK in 2008 by market share, according to Verdict Research (RW, last week).
Profits at Primark jumped 17 per cent to£233 million in the year to September 13, when like-for-likes rose 4 per cent.
Adamson said: “We continue to pursue opportunities to bring Primark to UK towns and cities not served, as well as upgrading stores here and in the Republic of Ireland.” Expansion is also under way in the Iberian peninsula and new markets in Northern Europe will be tested.
Primark’s Oxford Street flagship is understood to have generated the biggest single-day sales in its history last Saturday. It took more than£600,000; average weekly sales are more than£2 million.
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