Primark profits up ahead of US launch

Profits at high street clothing shop Primark have risen 26% to £298m.

The company which owns the brand, Associated British Foods (ABF), has had a difficult year in other areas of the business such as the sugar division, but strong sales at Primark have balanced this.

A rise in sales of 14% is largely responsible for the profit boost, and will mean ABF finishes its year ahead of expectations, the group predicts.

Primark’s success could soon be going global as it is set to launch in the US in 2015, with a flagship 70,000sq ft store in Boston, Massachusetts.

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