Primark Shares Rise

Primark Shares Rise.

Primark has seen a rise in their share price following news that they plan to open their first US store. Primark is a clothing chain that remains popular with high street shoppers.

Primark will open its first US based store by the end of 2015 in Boston Massachusetts.

More plans are under discussion allowing for more more stores to be opened in 2016. Currently Primark owns more than 250 stores within Europe and are owned by Associated British Foods.

The news came at the same time that Primark posted its half year results in the months up to March, its pre-tax profits rose 4% to £468m. However UK firms do not have a good history of business in the United States.

Marks & Spencer sold its clothing chain in the US in 2001 and Tesco offloaded its US food chain after seeing losses.

Primark has seen success throughout Europe since opening its first store in Spain, with more stores in other countries soon following.