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.”