Primark to open 27 new stores over the next year despite inflation

In its annual report last month, the retail group posted adjusted operating profit of £1.44bn (€1.65bn). The company also said sales at its Irish Penneys stores rose 48% last year.

Primark's parent company Associated British Foods, or ABF, plans to open 27 new stores by the end of the financial year in 2023 as shoppers flock to budget retailers as inflation levels remain high.

The company said its outlook for the year is unchanged and it expects “significant” growth in sales.