Primark revenue up 22%, profits soar 44%

Dublin-headquartered discount retailer Primark, which trades here as Penneys, has reported a 22% year-on-year surge in annual revenue, to just under £4.3bn (€5.1bn), a performance described as “remarkable and outstanding” by its British parent.

Primark’s revenue was aided by an increase in the company’s selling space — an additional 800,000 sq ft opening across its international network during the 52 weeks to the end of September — the recent strengthening of the euro, like-for-like sales growth of 5% and “superior sales densities in the larger new stores”.

Adjusted operating profit, for the company — the retail arm of diversified multinational, Associated British Foods — came in at £514m; a full 44% up on the previous 12 months.