Penneys accounts for 35% of ABF profit

Budget clothing chain Primark, which trades as Penneys here, accounted for 35 per cent of overall group profit at parent company Associated British Foods (ABF) the London-based company said in a statement yesterday.

Primark’s emphasis on value clothing saw it record like-for-like sales growth of seven per cent.

ABF reported net income of £359 million (€400 million ) in the year to the end of September last.