Primark has revealed plans to enter the US, with its first store to open in Boston in late 2015.
The retailer confirmed today that it has signed a lease for some 70,000 square feet of selling space in the Burnham building, which is currently being renovated, at Downtown Crossing, in the heart of Boston. The site was previously home to Filene’s Department Store.
The store is planned to open towards the end of 2015 and negotiations are under way to open further stores in the north east, through to the middle of 2016. The US stores will be supported by warehousing in the region.
The announcement came as Primark delivered a 26% increase in operating profit over the half ended 1 March to reach £298 million, as revenue grew 14% to £2.27 billion.
Like-for-like sales grew 4% over the half, with the company saying that like-for-like sales in the first eight weeks of the financial year were held back by strong comparatives in the previous year but the rest of the period, including Christmas, saw excellent trading.
Operating margin of 13.1% was higher than the same period last year, which it attributed to warehouse and distribution efficiencies and lower freight rates.