Retailers battle through the gloom
Friday 15 July 2011
Two of the retail sector's most powerful operators yesterday showed their rivals a clean pair of heels by posting a strong rise in sales, although both were buoyed by their international divisions.
The discount clothing retailer Primark, which is owned by Associated British Foods (ABF), accelerated its revenue growth to 15 per cent in the 16 weeks to 25 June, driven by a rise in underlying sales and a rapid store opening programme. On the internet, Asos grew retail sales by a whopping 69 per cent, but growth at its international arm streaked ahead of its more mature UK business.
John Bason, the finance director at ABF, said that Primark's sales growth showed "the value end of clothing retailing is really holding up well," although he acknowledged that consumer spending in the UK and Ireland was "weak". City analysts calculated Primark's like-for-like sales had grown by about 3 per cent. But the decision by Primark, which has stores in Spain and Germany, not to raise its prices in 2011 will result in lower margins in the second half to September.
Asos's UK sales growth slowed to 15 per cent, but international jumped by 160 per cent for the 13 weeks to 30 June. Its chief executive Nick Robertson said: "The US, Europe and the rest of the world is absolutely flying."
As Voltaire once said, “Ice cream is exquisite. What a pity it isn’t illegal”
- 1 Mother fed her daughter tapeworms to make her skinny for beauty pageant
- 2 Crystal Palace next manager latest: Palace consider Ally McCoist - EXCLUSIVE
- 3 Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
- 4 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 5 Tim Sherwood column: 'It started as a three-horse race but turned into the Grand National'
'Alien thigh bone' on Mars: Excitement from alien hunters at 'evidence' of extraterrestrial life
West poised to join forces with Assad in face of Islamic State
Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
James Foley 'beheaded': Isis video shows militant with British accent 'execute US journalist' – as hunt begins for killer
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
Scottish independence: English people overwhelmingly want Scotland to stay in the UK
Isis threat: Cameron wants an alliance with Iran
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
Disgusting, frustrating, but intriguing: how the country really feels about its politicians
Bin bag full of cats' heads discovered near Manchester's Curry Mile
iJobs Money & Business
£50000 - £60000 per annum: Harrington Starr: Network Engineer - CCNP, Hedge Fu...
£60000 - £70000 per annum: Harrington Starr: Senior Network Engineer-CCIE, Mul...
£30000 - £50000 per annum: Harrington Starr: Network Infrastructure Engineer (...
£35000 - £45000 per annum: Harrington Starr: Network Engineer (CCNP, BGP, Mult...