Asos, Burberry and Primark clothe recession blues with profits rises

POSITIVE news emerged from opposite ends of the fashion spectrum yesterday as discount chain Primark booked a double-digit rise in profits while luxury label Burberry forecast higher earnings of its own.

The pair were joined by Asos, the online fashion retailer whose youthful collections are styled on those worn by celebrities, as it flagged "another year of strong growth" following a 56 per cent surge in sales.

Primark – something of a jewel in the crown for owner Associated British Foods – said half-year profits were up 18 per cent to 144 million after new stores and an 8 per cent rise in like-for-like sales lifted its revenues by almost a fifth to 1.26 billion. Its progress came despite the impact of the weak pound on the cost of imports, particularly those goods sourced in US dollars.