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ABR results boosted by Primark performance
Primark owner Associated British Foods (ABR) has revealed strong sales at the clothing retailer will have boosted its full-year results.
In a financial update issued yesterday (February 22nd), the company said trading at Primark over the Christmas period was higher than expected, while sales in the first half of the year were "substantially ahead" of those recorded during the same period in 2009.
This is partially due to the increase in retail business property used by the chain, which, by the end of this month, will have risen to 6.1 million sq ft of selling space.
It noted that it has plans to further add to its commercial property portfolio during the next financial year, stating that the firm "has recently agreed to acquire ten Bhs stores which, once refitted, will open progressively during the next financial year", adding 300,000 sq ft to its total retail space.
ABR, which will announce its full-year results on April 20th, saw its share price rise on the news and, at 11:09 GMT, its stock was up 5.5p to 939.5p in London.
In a financial update issued yesterday (February 22nd), the company said trading at Primark over the Christmas period was higher than expected, while sales in the first half of the year were "substantially ahead" of those recorded during the same period in 2009.
This is partially due to the increase in retail business property used by the chain, which, by the end of this month, will have risen to 6.1 million sq ft of selling space.
It noted that it has plans to further add to its commercial property portfolio during the next financial year, stating that the firm "has recently agreed to acquire ten Bhs stores which, once refitted, will open progressively during the next financial year", adding 300,000 sq ft to its total retail space.
ABR, which will announce its full-year results on April 20th, saw its share price rise on the news and, at 11:09 GMT, its stock was up 5.5p to 939.5p in London.
Tue, 23rd Feb 2010