AB Foods says Primark sales still growingFriday 06 December 2013 12.20
Primark, the British discount fashion retailer owned by Associated British Foods, has seen further growth in underlying sales since September, it said today.
Primark trades as Penney's in Ireland.
"Trading in the year to date (since September 14) has built upon the exceptional like-for-like growth delivered in the same period last year with further like-for-like growth achieved," AB Foods chairman Charles Sinclair said at the firm's annual shareholders meeting.
He said that trading for the wider group had been in line with expectations and reiterated guidance for adjusted earnings per share in the 2013-14 year similar to that achieved in 2012-13.
The group expects a further reduction in profit from AB Sugar as sugar prices fall and the market rapidly adjusts ahead of regime reform in 2017, offset by better profit at Primark and its grocery business.
Primark expects to add over 1 million square feet of selling space in 2013-14, up from 0.8 million square feet in the previous year.