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Primark to report 13pc sales rise [Bangladesh]

Author: Scott Campbell, Telegraph [UK], Published on: 20 April 2014

Discount clothing retailer Primark is expected to report a 13pc rise in sales this week, almost a year to the day after the Rana Plaza factory collapsed…Associated British Foods, which owns the popular clothing chain, as well as sugar factories in Europe and other brands such as tea importer Twinings, will report its interim results on Wednesday…Primark – which opened its first store in Dublin in 1969 – agreed to pay an additional $10m (£6m) in compensation last month after initially sending $2m (£1.2m) in short-term support at the time of the incident…The collapse of the eight-storey building killed 1,130 workers, who produced clothes for 28 Western brands including Benetton and JC Penney, and injured more than 2,500 others…Analysts at Charles Stanley have predicted a 2.4pc decline in AB Foods’ turnover, despite a 4pc increase in like-for-like sales, with operating profits up slightly from £496m to £500m.

Read the full post here

Related companies: Associated British Foods Benetton J.C. Penney Primark (part of Associated British Foods) Twinings (part of Associated British Foods)