Primark sales soar by 15 per cent

Primark today revealed a recession-beating boom - with sales soaring 15 per cent in the last three months.

Cost-conscious families have been turning to the cut price retailer, which has stores in New Street, Birmingham, Merry Hill and Wolverhampton.

While other stores have struggled during the economic downturn, Primark today confirmed it was "having an excellent year."

Primark targets the under-35s age group, with its leadership in the "fast fashion" market down to copying catwalk trends which are quickly turned into cheaper clothes for the high street.

It's looking to open a store in Walsall, has also expanded into Europe and been a huge success in Spain, where the recession has hit even harder than in the United Kingdom.

A trading statement from parent group Associated British Foods said: "Primark is having an excellent year with particularly strong trading in Spain and very encouraging progress made in its other continental European stores.

"Revenue year-to-date has increased by 17 per cent driven by an increase in retail selling space and further like-for-like sales growth."

The chain, which trades from 198 stores with 6.2 million sq ft of selling space, has opened new outlets in Chester and in Barcelona, with another five due to open before the end of this year.

Last September the largest Primark store opened in Liverpool, taking nearly half a million pounds on its opening day.

Marks & Spencer warned yesterday that it was expecting a slump on the High Street when austerity measures announced in last month's budget come into force.

But Primark was today upbeat as it continues its expansion. The clothing chain sources its products mainly from Asia, dealing direct with manufacturers and delivering low prices by ordering in huge volumes.

AB Foods also announced that its grocery arm delivered revenue growth of five per cent in the last quarter.