Primark records strong rise in sales

<p>Sales are growing quickly at Primark.</p>

Budget clothing retailer Primark has announced a major rise in sales in its latest financial results.

The company saw its total sales rise by 22 per cent in the last 12 months, a year that was described by the firm's owner, Associated British Foods (AB Foods), as "remarkable".

Chairman Charles Sinclair stated that he believes the company could go even further in the future, adding: "Both the autumn/winter and spring/summer ranges sold out this year with little discount."

Thanks to the strong sales rise at Primark, AB Foods was able to report a 13 per cent rise in full year pre-tax profit to £1.1 billion. 15 new Primark stores opened over the course of the year.

However, despite this, the share price of the firm is down in the early stages of this morning's (November 5th) trading session.

At 08:30 GMT, its stocks were trading more than three per cent down compared to the start of the day.

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