Value fashion powerhouse Primark has witnessed surge in sales as it continues to open more stores. Sales at the fashion chain’s two discount stores in Oxford Street, Central London, augmented 10 per cent in the six months to March 2 as benefited from arrival of visitors, particularly from China. That compares with a 2 per cent surge in sales at established stores for the Group over the period.
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Primark’s parent firm – Associated British Foods expects Primark’s sales over the half year to be 11 per cent more of last year at constant currency rates, driven by increased retail selling space. Total sales are likely to be 21 per cent ahead at actual exchange rates due to increase in the value of Euro and Dollar against Pound.
The retailer opened 16 new outlets for the discount fashion chain in the UK, Europe and the US last year, and is planning to open new stores in London, Belgium, Spain and the US over the next three months. It mulls to open 300,000 sq. ft. of space in the next quarter.
