Primark profits soar 35%

Primark today reported an "outstanding" performance for the past year, with operating profits up 35%, but its owner warned that future margins will be squeezed by the soaring costs of cotton and transport.

Associated British Foods (ABF) said sales at the fast-fashion retailer were up 18% to £2.7bn (€3.14bn) in the year to September 18, while operating profits hit £341m (€396.8m), helped by 13 new stores, including its first in Belgium.