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.
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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Early sales of the autumn/winter range at Primark have been encouraging.
More to follow ...
JH
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Gold versus cash: which is the better store of value?
Gold prices have rocketed over the past year, and the yellow metal’s role as a store of value is coming to the fore. Does gold beat cash savings?
-
Should the income protection age cap be lifted?
You can only get income protection cover if you are below age 59. With people now working for longer, should the limit be raised?