Primark reports boom in sales

Primark ABF

Sales at Primark have soared as lockdown restrictions ease and people are back on the high street.

Sales in the group’s third quarter were up 200% to £1.6bn. Shares in Primark’s owner, Associated British Foods, were up almost 5% on the news.

The retailer said that the government’s job retention schemes helped to save all of the group’s jobs – despite the group taking a huge hit to profits last year.

 “Primark may look increasing like an anachronism, a bricks-and-mortar island fighting off an encroaching online tide, but it has shown that with a strong social media presence it can still entice queues of shoppers through its doors,” said Susannah Streeter, a senior investment and markets analyst at Hargreaves Lansdown.

“Although the company notes the outlook is still uncertain, it’s been confident enough to continue with its store-opening programme, with seven new shops launching around the world in the third quarter.”