Fashion forward: Clothes boost for owner of Penneys
Shares in Associated British Foods were up over 5pc in afternoon trading in London yesterday after the group said profits were "well ahead".
This is despite a "modest decline" in like-for-like sales in the four months to January 5, 2019. Overall, sales at the group behind Penneys and Primark were up 4pc, helped by the opening of more shops.
Revenue from continuing operations for the 16 weeks was 2pc ahead of the same period last year at constant currency, while sales from continuing operations at actual exchange rates were 1pc ahead. ABF said the UK market performed well, and its share of the clothing market there "increased significantly".