Primark likely to report increase in first-half sales

CLOTHING RETAILER Primark, which operates as Penneys in the Republic, expects to report an increase in first-half sales as price-conscious consumers boosted revenues.

Primark owner Associated British Foods (ABF) said that for the six months to February 28th, it expects like-for-like sales to be 5 per cent higher than the comparable period in 2008, after a strong Christmas trading period.

Penneys has 37 outlets in the Republic but ABF does not split-out its performance from that of Primark.

John Bason, ABF finance director, said: “What we are seeing is an acceleration of a trend on the high street, away from the middle market and towards value clothing.

“Trading at Primark has been strong and, over Christmas, was ahead of our expectations.

“Sales in the first half were substantially ahead of last year, reflecting the increase in retail selling space and a 5 per cent increase in like-for-like sales,” the company said in a trading statement.

The London-based AB Foods, 55 per cent owned by the family of chief executive George Weston, will report its full results for the half-year to February 28th on April 21st. – (Additional reporting Reuters)