‘Amazing’ Primark enjoys US success

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Budget high fashion retailer Primark is to roll out stores across the US and Europe following the success of its first US store in Boston.

Primark said its low prices have “amazed people”.

The high street chain has managed to combine catwalk fashions with very low prices, earning it the nickname “Primarni” as its clothes mimic Italian fashion house Armani.

While Primark put in a strong performance, its parent company Associated British Foods (ABF), best known for its Silver Spoon, Twinings, Ovaltine and Kingsmill brands, ​said annual profits came under pressure following problems at its sugar business and a currency hit.

Sales at Primark rose 13 per cent in the year to September 12 as it opened another 20 stores, including its first shop in the US.

A third year of significant profit falls ​at​ ABF’s struggling sugar arm hit overall group results, leaving underlying full-year pre-tax profits down ​six per cent ​at £1.03​bn.

AB​F has been hit by plunging world sugar prices as well as the impact of currency movements and the strong pound.

It said it expected greater stability next year ahead of the EU quota removal in 2017.