Nov 7, 2017

Primark owner Associated British Foods sees profits jump

Associated British Foods said its annual profits surged, buoyed by growth at its Primark clothing chain and a recovery in its sugar businesses. The food-to-fashion group said adjusted operating profit rose 22% to £1.36bn in the year to 16 September, with group revenues up 15% at £15.4bn. With more than 60% of ABF's sales and profits generated outside the UK, the results benefited from a weaker pound. Even after opening 30 stores in nine countries with 1.5 million square feet of selling space, ABF said Primark still had room for "Significant growth". The company said trading at Primark had been "Excellent", particularly over the summer. In the UK, Primark "Performed particularly well", ABF said, with sales up 10% from last year and its share of the total clothing market "Increased significantly".

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