Primark’s Cheap, Fast Fashion Is Parent Company’s Sweet Spot
AB Foods, which also produces and sells food items, revealed in a regulatory statement that Primark sales rocketed by 15% ahead of last year. It added that trading was strong in the stores it opened over the last 12 months across Europe.
The fashion chain, known for clothing priced as low as £1 ($1.49 at current exchange rates), saved its parent company from disappointing fiscal year food sales, driven by low European sugar prices. Expansion plans are underway for the Northeast United States, where the chain will compete with chains like Forever 21.