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| Version 2 | Version 3 |
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| Primark sales jump by a quarter | Primark sales jump by a quarter |
| (about 5 hours later) | |
| Clothes retailer Primark has said sales jumped by a quarter in the last three months, boosting profits at owner Associated British Foods. | Clothes retailer Primark has said sales jumped by a quarter in the last three months, boosting profits at owner Associated British Foods. |
| The surprisingly strong sales were due to good performance at existing stores and a big expansion in retail space. | The surprisingly strong sales were due to good performance at existing stores and a big expansion in retail space. |
| Parent company ABF, which also owns the Twinings, Ovaltine, Ryvita and Jordans brands, said overall revenue rose 10%, despite problems in its groceries unit. | Parent company ABF, which also owns the Twinings, Ovaltine, Ryvita and Jordans brands, said overall revenue rose 10%, despite problems in its groceries unit. |
| Revenue at its sugar business rose 10% despite poor growing conditions. | Revenue at its sugar business rose 10% despite poor growing conditions. |
| Heavy rain in the UK and Spain reduced sugarbeet yields - which helped to raise sugar prices in the short-term, but is expected slow down the rate of sugar production in factories this year. | Heavy rain in the UK and Spain reduced sugarbeet yields - which helped to raise sugar prices in the short-term, but is expected slow down the rate of sugar production in factories this year. |
| Meanwhile, its grocery products business saw no growth in revenue, in large part because of a drop in sales at its Australian subsidiary George Weston Foods. | Meanwhile, its grocery products business saw no growth in revenue, in large part because of a drop in sales at its Australian subsidiary George Weston Foods. |
| ABF said it still expected profits at the grocery unit to improve, as it puts the cost of restructuring George Weston and Allied Bakeries behind it. | ABF said it still expected profits at the grocery unit to improve, as it puts the cost of restructuring George Weston and Allied Bakeries behind it. |
| International expansion | International expansion |
| ABF said that the sales growth at Primark had topped what were already high expectations. | ABF said that the sales growth at Primark had topped what were already high expectations. |
| The news sent the group's share price 7.5% higher by mid-afternoon trading in London, before it fell back to end the day's trading at 3.2%. | |
| The last three months saw 14 new stores open, 10 of them on continental Europe, the firm said, taking its total number worldwide to 256. | The last three months saw 14 new stores open, 10 of them on continental Europe, the firm said, taking its total number worldwide to 256. |
| The company refurbished its flagship Dublin store, and relocated its Sunderland store to a bigger site. | The company refurbished its flagship Dublin store, and relocated its Sunderland store to a bigger site. |
| The sales growth figure was also flattered by a relatively soft performance in the autumn of 2011, against which the more recent sales figures have been compared. | The sales growth figure was also flattered by a relatively soft performance in the autumn of 2011, against which the more recent sales figures have been compared. |
| Nonetheless, trade at its Primark stores was more intense than expected, which - along with lower than expected manufacturing costs due to a drop in cotton prices - helped the chain achieve better operating profit margins than a year ago. | Nonetheless, trade at its Primark stores was more intense than expected, which - along with lower than expected manufacturing costs due to a drop in cotton prices - helped the chain achieve better operating profit margins than a year ago. |