Associated British Foods (ABF), the owner of Primark, said the budget retailer is preparing to open 10 more new stores in the run-up to Christmas, as the group continues to implement its retail expansion plans.
The announcement came as part of ABF’s annual general meeting led by chairman Michael McLintock.
In the meeting, McLintock provided a trading update for the group’s financial year as an addition to its annual results that were published November 8.
In a statement, he said: “Our outlook for the full year is unchanged. We continue to expect further significant input cost inflation, but the volatility of our input costs has diminished.”
McLinktock added that Primark’s trading in this financial year had been “encouraging”.
The retailer is currently on track to open 27 new stores during the ongoing period, with six new stores opened to date and 10 to be opened ahead of Christmas.
Primark recently announced a series of substantial investments into its retail empire, including 100 million euros into its Spanish estate and 140 million pounds to go towards its UK store portfolio.
McLinktock continued: “For the full year, we continue to expect significant growth in sales for the group, and adjusted operating profit and adjusted earnings per share to be lower than the previous financial year."