Primark sees 20% sales increase

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Bargain-hunting Brits have helped push budget clothes chain Primark's sales up by 20 per cent in the 40 weeks leading to June 20th.

New openings in Europe and expansions to existing outlets also helped the store defy the doom and gloom affecting much of the retail sector, according to parent company Associated British Foods.

It said Primark had seen "excellent" like-for-like sales growth "despite trading conditions in UK clothing retailing remaining difficult".

Primark now boasts 190 stores, with recent openings taking place in Spain, Germany and Portugal.

A further store is set to open in Bristol before the end of the year.

Associated British Foods total group sales, which include brands such as Silver Spoon, were up 19 per cent over the 40-week period.

Earlier this month, it was reported that retail sales across the Euro zone fell further than expected in May, dropping 0.4 per cent month-on-month, compared 0.1 per cent growth in April.

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2009-07-09 13:20:17 © Moneyextra.com