Primark To Expand In Growth

Value retailer Primark aims to grow by expanding its existing stores and buying more sites rather than seeking acquisitions.

The retailer had been tipped as a potential buyer of Littlewoods' high street stores because parent group Associated British Foods (ABS) is sitting on a cash pile of GBP1.25 billion.

But ABF chief executive Peter Jackson said Primark's growth possibilities "will probably not be acquisitions." He further stated the store openings and extensions would be the focus of growth. Sales at Primark rose 15 per cent to GBP752 million, while profits were up 21 per cent to GBP87 m. Operating margins rose from 11 per cent to 11.6 per cent.