Primark-owner Associated British Foods today raised its earnings outlook for the second time in two months, benefiting from better than expected second-half trading and favourable currency moves.

The firm, which also has major sugar, grocery, agriculture and ingredients businesses, said it now expected earnings per share (EPS) for the 2015-16 year to be marginally ahead of the 102 pence made in 2014-15.

AB Foods had raised its outlook in July, saying it no longer expected a decline in adjusted EPS. 

"The underlying operating performance of the group has been ahead of our expectation in the second half and the further weakening of sterling during the period since the EU referendum has resulted in a translation benefit," it said. 

The firm said full-year sales at Primark are expected to be 9% ahead of last year at a constant currency basis.

Primark trades as Penneys in Ireland.