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Friday 24 November 2017

retail

TILLS ARE RINGING AT penneys

TILLS at discount retailer Penneys are ringing louder than ever as the fashion chain recorded a 16pc surge in sales.

Retail group Primark said that performance in the past fiscal year was "exceptional".

And the company noted that trading in Ireland was "particularly strong" over the Christmas period.

Like for like sales at Primark are estimated by analysts to have climbed 3pc in the first quarter of the year -- the company didn't provide full financial details of this period. Company owner Associated British Food has plans to open more outlets in Spain, adding to its 232 stores across Europe. The Primark operation is run out of Dublin and is headed by Paul Marchant, who took over from Dubliner Arthur Ryan in 2009.

Meanwhile, the Irish arm of Karen Millen (pictured above) reduced its losses last year. Pre-tax losses at the clothing chain fell to €300,000 in the year to the end of February 2011. Sales for the 56-week period amounted to €10.8m, an increase of 2pc on the €10.6m. The number of employees at Karen Millen increased to 118 from 103.

Separate filings for Coast Stores Ireland show that losses dropped sharply to €400,000 following a loss of €12m in 2010 that included a writedown of €11.7m.

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