Sunny spells encourage retail revenue growth
Popular retail chain Primark has reported sales growth and accelerated revenue following a spell of glorious weather and a busy period of store openings including the Liverpool Church Street branch.
Associated British Foods which owns the store announced that Primark’s total revenue growth was 22% in the quarter to 21st June 2014 at constant exchange rates, which demonstrates the benefits of trading during warm weather.
This rise also brought the improvement in the first 40 weeks of its financial year to 17% as well as increasing selling space by one million square foot, taking the Primark store count to 275 across Europe.
As well as improvements in revenue, Primark has also opened nine new stores including an outlet in Canterbury.
Associated British Foods have said that strong levels of profitability in grocery and ingredients as well as retail means it is now planning to grow earnings per share in the current financial year.
Figures released show that in grocery, revenues were 5% lower at constant exchange rate in comparison to last year. This is being attributed to the loss of contracts and lower UK sugar pricing at Silver Spoon.
However Kingsmill saw market share growth while Twinings Ovaltine continued steady profit and sales momentum.
Source: Liverpool Echo