Primark sales boosted by new openings as firm calls for Brexit transition period
Retail chain Primark has seen sales soar in the last year – a period which included the opening of its new store in the middle of Shrewsbury.
The bargain retailer reported a 19 per cent increase in sales in the year to September 16, as it clocked up revenue of just over £7 billion.
It came as the company opened a string of new stores, including a branch in Shrewsbury's Darwin Shopping Centre.
The figures also helped owner Associated British Foods to a 22 per cent leap in annual profits.
However, ABF also became the latest company to call for a Brexit transition deal amid fears over customs chaos.
AB Foods chief executive George Weston said the group, which also owns a food arm and sugar business, was concerned over the risk of "abrupt changes" to customs procedures.
But he added that Brexit changes could also help cut imports, boost UK-sourced goods and build a better British export market.
He said: "In common with many other businesses, we share a concern about the risk of abrupt changes to the UK's customs procedures.
"We therefore welcome the Government's intention to have a transition period beyond March 2019 in which to implement the necessary systems and processes."
Primark, which also has a branch in Telford Town Centre, received a boost from the weak pound and further expansion, with UK like-for-like sales jumping by 10 per cent.
Analyst Neil Wilson of ETX Capital said Primark's sales were "bullet-proof".
He said: "Whatever the economy is like, Primark is recession-proof - if consumer spending is slowing, Primark is the sort of brand that benefits."
