Fast fashion giant Primark posts profit hike

Primark - currently occupying a temporary store in St Stephens Street, Norwich - has announced bumpe

Primark - currently occupying a temporary store in St Stephens Street, Norwich - has announced bumper results. Picture: DENISE BRADLEY - Credit: Copyright: Archant 2018

High Street retailer Primark, which has stores across East Anglia, has announced a surge in half-year profits as shoppers continue to indulge in fast fashion.

The firm – which is owned by parent company Associated British Foods which also owns British Sugar – has reported a whopping 25% leap in operating profit to £426 million in the six months to March 2.

Sales also jumped 4% to £3.6 billion.

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The budget brand is currently redeveloping its flagship Haymarket store in Norwich and also has stores in Ipswich, Colchester and King's Lynn.

The firm – which has no online offering – said its share of the clothing, footwear and accessories market in the UK increased substantially in the period, bucking the trend of wider high street malaise.

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But ABF's sugar unit saw profits take a knock as the result of 'significantly lower' prices which affected the industry.

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