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Saturday 10 December 2016

Primark sales up 9pc as it targets Italy

Sales at Primark have risen 9pc in the year to date, but owner Associated British Foods (ABF) said that the like-for-like performance at the chain was curtailed due to some cannibalisation of sales among new stores in the Netherlands and Germany.

ABF said that Dublin-headquartered Primark enjoyed a strong performance in countries including Ireland in the 40 weeks to June 20. On a constant currency basis, sales at the chain were up 13pc, but the weaker euro has negatively impacted the reported figure.

Primark is also set to make its debut in Italy, opening a store near Milan in summer next year. It's planning an initial three outlets in the country.

ABF, which has interests in sectors from sugar production to groceries and agricultural products, said that movements in currencies in the current financial year had affected the translation of overseas results into sterling.

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