Sales are rising at budget clothing store Primark, the firm has revealed in a statement.
It was announced by the company's owner Associated British Foods that it expects Primark's full-year sales to be 22 per cent ahead of last year.
Primark's sales are up five per cent when new store openings are stripped out of the data and a stronger euro was cited as one of the reasons for the performance of the brand.
"In the second half, although growth was subdued during the very cold months of March and April, trading during the summer months was strong and built upon the success of the same period last year," the statement said.
Despite the increase in sales at Primark, the share price of Associated British Foods is slightly down today (September 9th) on the back of the news.
At 16:24 BST, its stocks were selling for 1.78 per cent less than at the start of the day, a fall of 33 points on the beginning of the session on the London Stock Exchange.
Find up to date information on the FTSE 100 and spread betting strategies at City Index
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.