Primark eyes faster profit growth

The chain, which is owned by Associated British Foods, saw like-for-like sales in the six months to March 3 increase two per cent, with total revenues up 15 per cent at £1.6bn.

Primark, which has 233 stores in the UK and across Europe, will enjoy a faster rate of profit growth in the months ahead due to new stores and lower cotton prices, AB Foods said.

AB Foods - the owner of a sugar business and household brands including Kingsmill bread, Twinings and Ovaltine - reported a three per cent rise in adjusted pre-tax profits to £363m as revenues increased 11 per cent to £5.8bn.