Primark’s range of products, sharp buying skills and keen pricing have continued to pull in shoppers Luke MacGregor/ReutersBritons’ seemingly unquenchable thirst for bargains from Primark has once again boosted profits at Associated British Foods. The retail-to-sugar-and-grocery conglomerate said that despite a turbulent year it now expected its adjusted operating profit for the group to be “well ahead of last year” after a “stronger profit delivery” from Primark. The discount clothing chain outperformed expectations after recording lower-than-expected markdowns which resulted in higher full-price sales. While many other clothing retailers on the high street are struggling, Primark’s range of products, its sharp buying skills and keen pricing have continued to pull in shoppers at a time when fears are rising about slowing consumer spending. Primark’s like-for-like sales, which exclude new store openings, rose 1 per cent during the year.

Source: The Times September 11, 2017 11:03 UTC