Penneys owner forecasts 5.5% growth in sales at fast fashion retailer

Associated British Foods maintained its full year guidance, saying strong profit performances from its Primark (Penneys) fashion chain, grocery, agriculture and ingredients businesses would more than offset a weak outcome from its sugar operation.

The firm said on Monday it expected “progress” in adjusted operating profit and adjusted earnings per share in its 2017-18 year.

It said sales at Primark for the year were expected to be 5.5 per cent ahead of the previous year at constant currency, driven by increased selling space, offset by a 2 per cent decline in like-for-like sales. – Reuters