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Penneys owner AB Foods maintains year guidance

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Shirt, The Kooples, Brown Thomas. Shorts, Topshop. Hat, Penneys. Photo: Kip Carroll.

Shirt, The Kooples, Brown Thomas. Shorts, Topshop. Hat, Penneys. Photo: Kip Carroll.

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Shirt, The Kooples, Brown Thomas. Shorts, Topshop. Hat, Penneys. Photo: Kip Carroll.

Associated British Foods maintained its annual earnings guidance, with a good finish to the year from discount fashion chain Primark offsetting continued weakness in its sugar operations.

The firm said on Monday it expected adjusted earnings per share for the 2013-14 year to be ahead of the 98.9 pence made in 2012-13.

AB Foods said strong operating profit performances from Primark, which trades as Penneys here, and its grocery division, and improvement in ingredients are expected to offset the adverse effect of lower sugar prices and the impact of some £50m on the translation of overseas results arising from the strengthening of sterling.

The £50m figure is also unchanged from previous guidance.

Online Editors