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
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