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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/11/City-5-11.jpg"><img class="alignnone size-full wp-image-365" title="Primark reports 35% rise in profits" src="http://londonglossy.com/wp-content/uploads/2010/11/City-5-11.jpg" alt="Primark reports 35% rise in profits" width="200" height="200" /></a></p>
<p>Primark has reported an &#8220;outstanding&#8221; performance for the past year, with operating profits up 35%, but its owner warned that future margins will be squeezed by the soaring costs of cotton and transport.</p>
<p>Associated British Foods (ABF) said sales at the fast-fashion retailer were up 18% to £2.7 billion in the year to September 18, while operating profits hit £341 million, helped by 13 new stores, including its first in Belgium.</p>
<p>Primark will continue to open new stores, particularly in Spain where growth has been strong.</p>
<p>The strong growth helped its parent company to increase sales by 10% to £10.2 billion while adjusted profit before tax increased 26% to £825 million.</p>
<p>ABF makes Kingsmill bread, which grew market share with the launch of the Little Big Loaf a year ago, but warned that margins are due to be squeezed by the rising cost of wheat.</p>
<p>The company also makes Silver Spoon sugar, the Patak&#8217;s spicy food range and Twinings tea.</p>
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