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23/04/2014
Primark Sees Profits Up 26%
The giant discount fashion retailer Primark has seen its half-yearly operating profits rise 26% to £298m, while the owner Associated British Food (ABF) said its clothing arm saw the surge in profits in the 24 weeks to March 1 with incomes up 14% to £2.278bn.
The company, which started small in Ireland before taking on Europe, is now setting its eyes on America's traditional fashion retailers.
The giant chain saw a double-digit growth in Spain and Portugal, along with "very strong" growth in northern Europe.
The operating margin of the chain increased by 13.1% brought about by improved warehouse and distribution efficiencies and lower freight rates through its 269 global stores and it 9.6 million square-feet space, which expects to increase by a third more than that achieved last year.
ABF announced it decision to take Primark brand to the United States and it plans of opening a 70,000 square-foot store in Boston, ahead if the 2016 expansion plans.
(CVS)
The company, which started small in Ireland before taking on Europe, is now setting its eyes on America's traditional fashion retailers.
The giant chain saw a double-digit growth in Spain and Portugal, along with "very strong" growth in northern Europe.
The operating margin of the chain increased by 13.1% brought about by improved warehouse and distribution efficiencies and lower freight rates through its 269 global stores and it 9.6 million square-feet space, which expects to increase by a third more than that achieved last year.
ABF announced it decision to take Primark brand to the United States and it plans of opening a 70,000 square-foot store in Boston, ahead if the 2016 expansion plans.
(CVS)
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HSBC reports massive profits hike
Global bank HSBC has reported a massive increase in pre-tax profit of $17.6 billion (around £9.2 billion) in 2004 - a 37% rise that is the biggest recorded by any UK-based bank. The company's sales also rose by 23% to $50.59 billion (around £26.
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