ABF’s Primark defies the economic downturn by reporting strong sales.

Primark has reported that sales are up 21% compared to the same time last year, bringing the year-to-date increase to 20%, showing once again that the popular retailer appears to be defying the high street downturn.

Associated British Foods (ABP), the parent company of Primark, issued its quarter three interim management statement for the 40 weeks to 20 June 2009, with its budget retailer delivering the strongest revenue increase for the company.

Since reporting its half yearly results in April 2009, Primark has been growing internationally with the opening of its first store in Bremen, Germany and Lisbon, Portugal. It has also opened its 13 store in Spain, with new retail space in Barcelona.

Growth also continues in the UK, with a new store opened in Tooting, London, to replace an existing smaller store, and plans are in place for a new store in Bristol before the end of the year to replace one of the first Primark stores to open in the UK in 1974. The retailer now boasts 190 stores across the world. 

Trading across the rest of ABF’s group – which includes Twinings, Kingsmill and Ryvita – has also been excellent and it has reported a 19% year-on-year increase in revenue for the entire business. ABF says that the trading outlook appears on track to deliver “progress in operating profit”, but it went on to say: “We still expect little change in earnings for the full year as the increase in operating profit will be broadly offset by a higher interest charge.”