Associated British Foods Plc said it is likely to deliver very good progress in earnings for the full year, boosted by higher sales at its Primark discount clothing chain.
Revenue from continuing operations rose 13 per cent in the 16 weeks to June 19th from a year earlier, including 15 per cent growth at Primark, the London-based company said in a regulatory news service statement yesterday.
AB Foods opened Primark stores in Chester, northern England and Barcelona in Spain during the third quarter to tap rising demand for discount clothing. The chain’s operating profit margin for the full year is expected to be ahead of the prior year, AB Foods said. The company also reported 44 per cent sales growth at its sugar unit and 8 per cent growth at its ingredients division for the quarter. – (Bloomberg)
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