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Shoppers still spending at Primark

27th Feb 17 1:44 pm

The retail chain is doing well…

The owner of retail store Primark believes it profits will continue to rise as it opens more stores.

Associated British Foods has said it opened 16 new stores in the UK, Europe and US last year.

The company also predicts that total sales will rise by 11 per cent in the six months to the 4 March.

AB Foods said there are currently no signs that consumers are reducing their spending within Primark stores.

Finance director John Bason said: “The consumer in the UK has got more disposable income this year than they had a year ago – fact.”

Primark in the UK is doing well, the company expects to see like-for-like sales to be up in the six-month period, they will be flat for the business as a whole.

Over the coming months stores are set to open in London, Belgium, Spain and the US.

The company has warned that the weak pound may affect its profits. Sterling has fallen 16 per cent against the US dollar and 10 per cent against the euro since the EU Referendum in June 2016, this makes imports more expensive.

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