Primark Proves Neat Fit for Tighter Times
Sunday, September 6, 2009 7:10
The fashion chain—Associated British Foods is expected to announce that its sales continued to beat expectations at Primark, which is the backbone of the conglomerate’s profitability now.
Associated British Foods contributed more than 40% of the group’s profit in the first half of 2009 and is expected comfortably to top the company’s 5% growth forecast. It is benefiting from the strength of the value clothing sector.
According to Sainsbury’s discount clothing range Tu, strong growth has been shown this year and was approaching sales of £500m, up from £300m two years ago. Observers said that continued growth could see Tu overtake High Street stalwart Bhs early next year. Matalan and Asda’s George clothing range are two other strong performers this year.
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