13:54 10 September 2012
Popular clothing retailer Primark has seen an increase in its annual sales following the success of the UK’s summer performance, despite the current high street environment.
Primark, which has around 240 stores across Europe, is hoping to see a revenue rise for the 2012 financial year which ends this month.
The owner of Associated British Foods (ABF), who also owns Primark, has explained the retailer has seen sales increase by 3 percent this year, excluding any new store openings. Giving Primark a rise of 15 percent for total sales.
John Bason, ABF's Finance Director, told the BBC: "June, July and August have been great for Primark in the UK.”
He explained: "Trading has ticked up and there is no doubt Primark is thriving and gaining market share."
It is understood that although ABF hope to see a growth in their earnings, Primark’s overall success is something to be enthusiastic about. This comes despite the increase in cotton prices during 2012, which the retailer had to overcome to maintain Primark’s reputation as being a budget clothes chain.
Primark has seen 19 new stores opening with a large store to be opened this month on London’s Oxford Street.
ABF are expected to release their annual results at the beginning of November 2012.
Primark has stores operating in the UK, Netherlands, Germany, Spain, Portugal and Belgium, with branches in Ireland, which are known as ‘Penneys’, where the company's main headquarters is based.
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