Penneys owner boosted by jump in sales
Penneys owner Associated British Foods (ABF) has reported revenue growth in the financial year so far, on the back of a jump in sales for the value fashion retailer.
ABF said like-for-like group revenues for the 40 weeks to June 22 rose by 2pc compared to the same period a year earlier.
It was buoyed by 4pc sales growth in its Primark retail business, which in Ireland trades as Penneys, driven by new store openings and expansions.
Across Europe, sales growth was delivered in Spain, Portugal, France and Italy. However, trading continued to be weak in Germany.
Sales growth at Primark and ABF's ingredients business helped to offset a decline in the price of sugar, denting the performance of its large sugar arm.
It said that the company saw like-for-like sales growth of 4pc, excluding its sugar division.
The company also said that it saw a slump in profits for the sugar business during the first half of the year, which it expects to continue through 2019.