DISCOUNT fashion chain Primark has grown profits by another 29 per cent after a "magnificent" year in which its sales jumped to almost £5 billion with annual profits of £662 million. Associated British Foods, which owns Primark, said the retailer's sales rose 16 per cent to £4.95bn after it opened new stores across Europe and lifted sales at stores open for more than a year by 4 per cent. It has built an estate of 278 stores and has more than 10 million sq ft of space in locations across Europe, including 164 shops in the UK. The chain is also rolling out plans to open stores in the north-east of the US. The group said Primark's trading was excellent, with strong autumn/ winter and spring/summer ranges and a successful launch in France last December.