LONDON (Reuters) — Discount fashion retailer Primark has enjoyed a strong start to its new financial year despite warm autumnal weather that has prompted rivals to warn on profits.
George Weston, chief executive of Primark owner Associated British Foods, said Tuesday that Primark’s sales and profits had risen over 10 percent in the first six weeks of its 2014-15 financial year, which started on Sept. 14.
“I’m really not concerned (by the weather) and we haven’t had to delay or cancel any orders,” he said.
“Yes, there’s been an (weather) effect, but … every year you get unseasonal weather at some point.”
Last week both Next and Super Group warned of slowing sales, with unseasonably warm temperatures putting people off buying winter coats, knitwear and boots.
Shares in AB Foods were up 1.9 percent at 2,722.5 pence at 9:14 a.m. CET.
Earlier AB Foods posted a 6 percent rise in 2013-14 earnings, though it cautioned it saw limited opportunity for growth in the new year due to an expected large reduction in profit from its sugar business.