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Penneys warning

THE company behind Penneys and Primark has made an initial warning that margins at the retail business will be lower than previously anticipated.

However, Associated British Foods (ABF) said that sales at the discount stores were due to be 3pc higher in the second half but with just "some growth" in Ireland and the UK.

ABF said it expected like-for-like sales at continental stores to be "strongly ahead" in the second half.