Primark celebrates bumper Christmas

'‹Primark'‹ said its'‹ performance in the week before Christmas hit an all-time high'‹ and sales '‹rose 7'‹ per cent'‹ in the 16 weeks to January 6 once exchange rate changes were stripped out.
Primark said its performance in the week before Christmas hit an all-time highPrimark said its performance in the week before Christmas hit an all-time high
Primark said its performance in the week before Christmas hit an all-time high

The fashion retailer, which bolstered its footprint to 350 stores after launching five new shops over the period, also ​said it ​enjoyed good trading in the five weeks leading up to Christmas.

Growth was underpinned by the robust UK market and an increase in retail space, helping the chain to shrug off unseasonably warm weather in October which pegged back European sales.

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It added that like-for-like sales were ​good as it snapped up a greater share of the market.

W​hile Primark sales were strong, the chain's owner​ ​Associated British Foods warned that ​its ​sugar revenues would suffer from plunging prices.

The FTSE 100 group said ​it​ endured tougher trading at its sugar business, with revenues dropping 12​ per cent​ at constant currency.

AB Foods said it was pencilling in a heftier drop in revenue and profits at its sugar arm for the full year, as it grappled with a hit to its UK and Spanish business caused by "significantly lower" EU sugar prices.

However, the firm said it was still on track to boost operating profits and earnings at year end, with group revenues for the 16-week period to January 6 rising 4​ per cent​ at constant currency.

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