Budget clothing retailer Primark has reported a massive rise in profits, boosting the share price of its parent company Associated British Foods (ABF) today (July 11th).
The firm saw sales in the 16 weeks to June 22nd rise by 20 per cent on the same period last year, leading to ABF making an eight per cent increase in group sales.
Warmer weather in the UK was cited among the reasons for the rise in sales at Primark over the course of recent weeks.
Although takings had proven to be slow during the course of March and April, they were shown to be up during May when the UK experienced a better period of weather.
Primark revealed in a statement that it saw a “marked improvement” in sales during May and June when compared to the previous two months.
After the release of the sales figures, ABF’s share price rose by almost five per cent in this afternoon’s session. By 16:18 BST, its stocks were trading 90 points higher than at the start of the day, an increase of 4.96 per cent.
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