Primark's success has pushed up Associated British Foods' (ABF) share price, as the company's interim management statement for the 16 weeks to the beginning of January revealed the retailer exceeded predictions.
"Year to date trading for the group was ahead of our expectations driven by the outstanding performance from Primark," ABF stated.
Sales at the budget fashion store rose by 25 per cent ahead of the same time last year.
This was driven by robust like-for-like sales growth, which benefited from comparison with weak sales during the warm autumn of 2011.
Over the 16-week period, there were a lot of new outlet openings, with retail selling space rising by 0.7 million sq ft since the end of the financial year, totaling 256 stores on January 5th.
At 10:00 GMT, ABF was making the most gains on the FTSE 100, rallying by 5.7 per cent to 1654.00p per unit.
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