Fast fashion giant Primark posts profit hike
PUBLISHED: 10:14 24 April 2019 | UPDATED: 11:26 24 April 2019
High Street retailer Primark, which has stores across East Anglia, has announced a surge in half-year profits as shoppers continue to indulge in fast fashion.
The firm – which is owned by parent company Associated British Foods which also owns British Sugar – has reported a whopping 25% leap in operating profit to £426 million in the six months to March 2.
Sales also jumped 4% to £3.6 billion.
The budget brand is currently redeveloping its flagship Haymarket store in Norwich and also has stores in Ipswich, Colchester and King's Lynn.
The firm – which has no online offering – said its share of the clothing, footwear and accessories market in the UK increased substantially in the period, bucking the trend of wider high street malaise.
But ABF's sugar unit saw profits take a knock as the result of “significantly lower” prices which affected the industry.