Associated British Foods sales forecast for the year has been boosted by the performance of its retail clothing chain Primark, who have seen an increase in sales while market rivals such as Marks & Spencer and Next have recently reported a decline.
The recession and decent weather in the UK for the first six months of the year have been attributed to the increase in turnover at the discount clothing store. But there has also been an underlying shift towards buying cheaper clothes says AB Foods Finance Director John Bason;
“There’s a real change in people’s shopping habits, and certainly among 20 to 30 year old females, it’s a change for good.”
Primark accounts for almost a third of AB Foods profit, as well as branches across the UK there are currently Primark stores in Ireland, Spain, Portugal, Germany and Holland.
There are plans to increase the groups foothold in Europe with at least ten stores planned to open in the next year, giving the retailer over 200 outlets in the UK and Europe.
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