Primark sales up over 10 percent in first six weeks of new year
Reuters
Published Nov 04, 2014 08:26
LONDON (Reuters) - Discount fashion retailer Primark has enjoyed a strong start to its new financial year despite warm autumnal weather which has prompted rivals to warn on profits.
George Weston, chief executive of Primark owner Associated British Foods (L:ABF), told Reuters on Tuesday that Primark's sales and profits had risen over 10 percent in the first six weeks of its 2014-15 financial year, which started on Sept. 14.
"I'm really not concerned (by the weather) and we haven't had to delay or cancel any orders," he said.
"Yes, there's been an (weather) effect, but ... every year you get unseasonal weather at some point."
Last week both Next (L:NXT) and SuperGroup (L:SGP) warned of slowing sales, with unseasonably warm temperatures putting people off buying winter coats, knitwear and boots.
Shares in AB Foods were up 1.9 percent at 2,722.5 pence at 0814 GMT.
Earlier AB Foods posted a 6 percent rise in 2013-14 earnings, though it cautioned it saw limited opportunity for growth in the new year due to an expected large reduction in profit from its sugar business.
(Reporting by James Davey; editing by Kate Holton)
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