The Irish company of low cost fashion, which has advanced the result of the first three months of exercise (period ended on January 5), increased its selling space by 27,871 square meters.
Primark starts the fiscal year in good shape. The Irish low cost retailer sales grew by 4% in the first quarter (ended January 5). According to the group, the company’s profit also increased during this period, although detailed data has not been made public.
The company, owned by Associated British Foods, explained that the growth of its revenue is due to the enlargement in selling space. It was increased by 27,871 square meters during this period, as a result of the opening of stores.
Simultaneously, the group emphasized its good performance in the United Kingdom, thanks to the Christmas period sales, which represented a growth of 1% over the same period last year.
Primark grew by 5% in the Eurozone
In the rest of the Eurozone, the income of the Irish company grew by 5% at a constant exchange rate. Primark noted that those regions where the company increased its revenue the most were France, Belgium and Italy. In Spain, its second market by revenue, the company's sales also raised, according to the company. In the United States, the group also explained that revenues increased thanks to the opening last July of a store in Brooklyn (New York).
Besides, Primark announced that at the end of the first three months of the year the commercial surface grew thanks to the openings in Seville, Almeria, Touoluse, Berlin and its relocation in Harrow (United Kingdom) to a larger store, as well as the redevelopment of the Merry Hill point of sale (United Kingdom).
For this year, the company has plans to expand its commercial surface by 83,612 square meters, thanks to the opening in New Jersey (United States), Birmingham (United Kingdom) and its first store in Slovenia by the end of the year. In parallel, Primark announced the closure of its smallest store, located in Oviedo.