Primark reports strong Christmas

Primark continued its run of success on the high street today after its owner reported “better-than-expected” Christmas sales for the chain.

Associated British Foods said sales at Primark rose 26% in the 16 weeks to January 5, helped by an increase in selling space and “strong” like-for-like sales growth.

While the company said Primark traded ahead of its expectations, it did not provide a figure for same-store sales.

However, AB Foods shares jumped 7% today as analysts welcomed the latest signs of continued strong growth at Primark.

Panmure Gordon stockbrokers estimated Primark’s like-for-like sales at 4%, compared with the 1.5% it had previously forecast.

Graham Jones, of Panmure, added: “”While we would not claim that Primark is immune to the economic environment, we continue to believe there remain substantial growth opportunities in the business.“