Friday 24 November 2017

Penneys owner AB Foods expects its trading performance to be worse than last year

Penneys in O'Connell Street, Dublin
Penneys in O'Connell Street, Dublin
Gavin McLoughlin

Gavin McLoughlin

Penneys owner Associated British Foods said it still expects its trading performance to be worse than last year.

It said stronger sterling has had a negative impact on translating overseas results.

“We continue to expect a marginal decline in adjusted earnings per share for the group for the full year. As previously indicated, the adjusted operating profit for the first half is expected to be lower than last year,” the company said in a trading statement.

However, it said Penneys, which trades as Primark in the UK, had performed well, with sales expected to be 16pc ahead of last year on a constant currency basis.

The good performance has been fuelled by opening new stores.

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