Jul 6, 2017
Primark trading boost lifts ABF shares
Better than expected third-quarter trading at the Primark retail chain cheered investors who pushed shares in its owner Associated British Foods up by more than 6 per cent on Thursday. ABF reported a 13 per cent increase in constant currency sales at Primark in the 40 weeks to June 24, with particularly strong growth in the last 16 weeks. Shares rose 6.2 per cent to £31.02. Margins have fallen year on year at Primark because the weak pound has pushed up costs for a business that buys most of its products in US dollars. In the third quarter, sales rose 13 per cent at constant currency rates but 20 per cent at actual rates.
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