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AB Foods warns of Primark sales dip as Europe drags

Penneys/Primark's owner Associated British Foods warned that underlying sales at the budget fashion chain will decline in its second half, as improving UK trading is outweighed by weaker demand in continental Europe, sending its shares sharply lower.

Business • 10 Sep

AB Foods to buy Hovis, expanding UK bread portfolio

Kingsmill owner Associated British Foods is to buy Hovis Group and merge the historic UK business with its own bakery arm.

Business • 15 Aug

Associated British Foods has kept its guidance for 'low single digit' annual sales growth at its Primark/Penneys clothing unit

AB Foods keeps annual guidance for Primark/Penneys unit

Penneys/Primark owner Associated British Foods has reported a 10% fall in first-half profit, reflecting a weak performance from its sugar business which also saw its full-year outlook slashed, sending the group's shares down 8%.

Business • 29 Apr

Paul Marchant, the CEO of Primark has resigned

Primark boss Marchant resigns after 'error of judgement'

The head of fast fashion chain Primark, Paul Marchant, has resigned with immediate effect after he admitted to an "error of judgment" during an interaction with a woman in a social situation late last year.

Business • 31 Mar

Associated British Foods, which owns Pennys/Primark, said it was now targeting 'low-single digit' sales growth in 2025 for the clothing chain

Penneys/Primark cuts sales outlook after weak Christmas

Associated British Foods has downgraded the annual sales guidance for its Penneys/Primark budget clothing business after disappointing results in the Christmas quarter in its main UK and Ireland market.

Business • 23 Jan

Associated British Foods has reported a 'solid' outcome from its Primark/Penneys clothing business

Penneys owner AB Foods profit jumps by 32%

Associated British Foods said it was poised for further growth as it reported a 32% rise in full-year profit, driven by robust performances from its Primark/Penneys clothing business and grocery division.

Business • 05 Nov 24

Looking ahead to 2025, AB Foods said it expected Primark to deliver good sales growth with an adjusted operating margin in line with this year's level

Wet weather hit Primark's summer sales - owner AB Foods

Wet weather hit fashion business Primark's summer sales, but better performance elsewhere kept operating profits steady, its owner Associated British Foods said today.

Business • 05 Sep 24

Primark opens its first store in Hungary amid expansion

Fashion retailer Primark has today opened its first store in Hungary - its 17th international market.

Business • 28 May 24

Twinings Tea is one of Associated British Foods' brands

AB Foods to do more to explain merits of food business

Primark-Penneys owner Associated British Foods has not done a good enough job of explaining to investors the strategic logic, growth potential and value of its food businesses and must do better, its chief executive told Reuters.

Business • 07 May 24

Penneys/Primark owner Associated British Foods has today reported a 39% jump in its H1 profits

Penneys owner eyes significant growth in full-year profit

Associated British Foods has today forecast "significant growth" in full-year profit after reporting a 39% jump in the first half driven by margin recovery in both its Primark/Penneys fashion retail business and its food operations.

Business • 23 Apr 24

Penneys hopeful it won't be hit by Red Sea disruptions

Associated British Foods said underlying sales growth slowed at its Primark-Penneys clothing business in the Christmas quarter and it cautioned it could face additional supply costs due to the disruption in the Red Sea.

Business • 23 Jan 24

Primark already has 15 stores in Italy after opening its first one in Milan eight years ago

Primark invests €50m in five new stores in Italy

Fashion retailer Primark - which trades as Penneys here - has today announced an investment of over €50m in its Italian business.

Business • 29 Nov 23

Penneys owner Associated British Foods has reported a 5% increase in annual profit

Penneys/Primark says well set for Christmas

Fashion retailer Penneys/Primark is heading into Christmas in good shape and with trading momentum after its strategy of passing on only limited price rises kept shoppers on its side.

Business • 07 Nov 23

Penneys owner Associated British Foods has raised its full year profit outlook again

Penneys owner AB Foods raises profit outlook again

Associated British Foods has today raised its full year profit outlook for the second time in four months, driven by a strong performance from both its Primark clothing business and its food operations.

Business • 12 Sep 23

Penneys opened its new revamped store in Dundrum last week

Penneys owner AB Foods raises profit outlook

Associated British Foods has today raised its profit outlook for the 2022/23 year as it reported a 13% rise in sales at its Primark fashion business in its latest quarter, boosted by demand for its new summer ranges.

Business • 26 Jun 23

Associated British Foods is one of the largest UK food producers

AB Foods to boost agri-food unit with £48m bolt-on

Associated British Foods, the owner of Primark and major sugar, foods and ingredients businesses, said it would buy dairy technology company National Milk Records for £48m to boost its agri-food unit.

Business • 06 Jun 23

Penneys-owner cautious on spending as H1 profits fall

Penneys-Primark owner Associated British Foods has today reported a 3% fall in first-half profit and kept its guidance for a flat outcome in the full year, staying cautious about the resilience of consumer spending.

Business • 25 Apr 23

Primark said its UK retail staff will be paid a minimum of £11 an hour, or £11.51 an hour in London

Primark's UK workers to get 12% pay rise

Primark's 26,000 retail assistants in Britain are to get an inflation-beating average pay rise of 12% from April 1, the fashion retailer said today.

Business • 30 Mar 23

Associated British Foods has raised its financial guidance for full year 2022-23 after a strong first half performance from Penneys/Primark

Penneys owner AB Foods raises full year outlook

Primark owner Associated British Foods has today raised its financial guidance for full year 2022-23 after a strong first half performance from the clothing retailer.

Business • 27 Feb 23

Sales at Primark - which trades as Penneys here - rose by 15% over the key Christmas period

Primark cautious on 2023 outlook after strong Christmas

Clothing retailer Primark has reported better than expected trading over the Christmas quarter, parent Associated British Foods said today, but cautioned economic headwinds may dent consumer spending in 2023.

Business • 24 Jan 23

AB Foods said Primark trading has been 'encouraging' so far this year

Primark owner sticks to forecast of lower profit

Primark and Penneys owner Associated British Foods today reiterated a November forecast that profit would fall in its 2022-23 financial year due to input cost inflation and dollar strength.

Business • 09 Dec 22

Primark to invest £140m in UK stores

Fashion chain Primark has set out plans to invest £140m in its UK store estate over the next two years, betting on its rock-bottom prices luring customers as the country grapples with a cost-of-living crisis.

Business • 25 Nov 22

Primark, part of the Associated British Foods conglomerate, announced the move into click and collect in June

Primark website crashes on UK click and collect debut

Fashion retailer Primark's new click and collect online service crashed shortly after its launch today, with some shoppers in Britain unable to access its website.

Business • 14 Nov 22

Associated British Foods, which owns Primark, has reported a 42% increase in 2021-22 profits

No point upping Primark prices if consumers cash-poor

Primark owner Associated British Foods said today it faces "substantial and volatile" input cost inflation that will hit results in its current financial year, taking the shine off a 42% jump in 2020-21 profit.

Business • 08 Nov 22

ABF said soaring energy bills and its decision to limit further price hikes would hurt Primark and its margins next year

Primark-owner's shares slump after profit warning

Associated British Foods today warned of lower profit next year, as its Primark fashion brand contends with worsening costs and increasingly cautious customers who are dealing with an income squeeze.

Business • 08 Sep 22