Primark growth quickens at AB Foods

Primark and Silver Spoon owner Associated British Foods said its adjusted operating profit for the second half of its financial year will be well ahead of a year ago, in line with expectations.

Sales at Primark for the full year are now expected to be 17% ahead of last year at constant currency which, with the recent weakening of the euro, will be 15% ahead at actual exchange rates. That represents an improvement on the 11% growth rate (at actual exchange rates) seen in the first 40 weeks of the financial year.

"This excellent result was driven by an increase in retail selling space and like-for-like sales growth which we expect to be 3% for the full year," the group said.

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Early sales of the autumn/winter range at Primark have been encouraging.

More to follow ...

JH