Primark's retail expansion strategy boosts full year sales

For the year ended September 14, 2019, Primark, part of the Associated British Foods plc reported 4.2 percent rise in turnover ahead of last year at actual exchange rates and 4.1 percent ahead at constant currency, driven by increased selling space partially offset by a 2 percent decline in like-for-like sales. The company said in a statement, operating profit margin increased to 11.7 percent from 11.3 percent and, which drove adjusted operating profit by 8 percent. In the UK, Primark saw sales growth of 2.5 percent driven by a strong contribution from new selling space, while like-for-like sales declined by 1 percent