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Some reckon Spain will soon follow Greece into financial calamity — and if the success of Primark is anything to go by, the locals are already planning for austerity.
The cheap fashion chain reported today that sales are up eight per cent in the past six months, with an “exceptionally strong performance” from the company's 14 Spanish shops.
Primark moved into Spain in 2006 and has been opening stores in Germany, Portugal and Belgium in plans to dominate European retail. It also just bought 10 of Sir Philip Green's BHS stores, indicating that its UK expansion is far from over.
The shop's parent group, Associated British Foods, was able to brag today that profits for the half-year will be “substantially higher” than they were in the previous 12 months.
Profits from its Silver Spoon sugar arm will be strong thanks to an “excellent performance” in Europe and a “welcome recovery in China”.
The group, which is 55% owned by the family of chief executive George Weston and also markets Ovaltine drinks, Kingsmill bread and Mazola vegetable oil, will report its half-year results on 20 April.
