Business

Friday 17 November 2017

Sales at Penneys retail group grows - owner AB Foods

Penneys Mary Street, Dublin
Penneys Mary Street, Dublin

Primark, owned by Associated British Foods, has seen further growth in underlying sales since September, it said on Friday.

The retailer operates under the name of Penneys in Ireland.

"Trading in the year to date (since Sept. 14) has built upon the exceptional like-for-like growth delivered in the same period last year with further like-for-like growth achieved," AB Foods chairman Charles Sinclair said in a statement at the firm's annual shareholders meeting.

He said that trading for the wider group had been in line with expectations and reiterated guidance for adjusted earnings per share in the 2013-14 year similar to that achieved in 2012-13.

The group expects a further reduction in profit from AB Sugar as sugar prices fall and the market rapidly adjusts ahead of regime reform in 2017, offset by better profit at Primark and its grocery business.

Primark expects to add over 1 million square feet of selling space in 2013-14, up from 0.8 million square feet in the previous year.

Shares in AB Foods, up 54pc over the last year, were up 0.4pc at 2,260 pence at 1130 GMT, valuing the business at £17.9bn (€21.4).

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