Primark says trading well despite downturn

LONDON (Reuters) - Discount fashion store chain Primark said it was trading well this autumn as it looked to stay the best value clothing retailer on the high street despite the current tough trading environment.

George Weston, the Chief Executive of Primark owner Associated British Foods, declined to give figures for Primark sales in current trading since its financial year end on September 13, but he did say trading was going well.

"Trading is well in line with where we have been. Our autumn ranges are good, so it's so far so good," Weston told Reuters in an interview after full-year results on Tuesday.

Primark recorded like-for-like sales growth of 4 percent in its year to September 13 in what Weston described as a "normal sort of year." He added that there has been a big consumer squeeze going back a year but that great value transcends a period of downturn and great value clothes will always do well.

Despite worries over cost inflation with the recent strength of the dollar and the cost of goods increases from some of Primark's sources in China and southeast Asia, Weston was confident over Primark's ability to keep its prices down.

"Whatever happens to our cost base, we will remain the best value retailer on the high street," he said.

(Reporting by David Jones)