Primark has signalled that it is preparing for further expansion in Spain and Portugal after revealing it has outperformed the fashion market.

In a presentation to analysts following its full-year results, the retailer’s parent company Associated British Foods showed a slide indicating the major populations in Iberia that could support a Primark store.

14 cities that do not have a store at present – including Barcelona and Lisbon – were featured on the slide.

At its financial results, the retailer said that if possible it would accelerate its expansion in Spain, where it has 11 stores.

It will also launch in the Netherlands before Christmas and in Germany next year.

The retailer bucked the gloom by revealing profits jumped 17 per cent to£233 million in the year to September 13. Like-for-like sales climbed 4 per cent. Primark said the positive trend has continued since the year-end.

The retailer declined to comment on Spain and Portugal.

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