| 24 April 2012 |
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Primark Expanding As Shopper's Look For Bargains |
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Primark set to expand as it benefits from tighter budgets.
Associated British Foods forecast a "substantial" rise in full-year earnings as under-pressure British shoppers turned to its Primark discount fashion stores and it benefited from high sugar prices in the first half of its financial year.
The London-based food and retailing group said on Tuesday earnings per share rose 5% to 34.4p in the 24 weeks to 3 March compared with a forecast of 33.5p from a Reuters survey of eight brokers.
"AB Sugar and Primark both performed strongly, demonstrating continuing momentum. We expect substantial growth in both adjusted operating profit and adjusted earnings per share for the group for the full year," said George Weston, the group chief executive, in a results statement.
Primark's 233-store chain enjoyed a 15% rise in half-year revenue helped by a rise in like-for-like sales of 2% and its new store opening programme, and expects its current rate of store expansion to continue.
In its second half, the group expects to open four new stores in Spain, one in Germany and one in Britain.
(H)
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