Sep 7, 2020

City Bulletin: Summer sales push Primark to top profit forecast

Primark benefited from a summer sales rebound, helping ease the pain of earlier store closures for owner Associated British Foods. Trading from mid-June in both Primark and ABF's food businesses beat management's forecasts, the group said on Monday morning, with Primark accounting for the highest ever proportion of UK group sales for the time of year in the latest four-week period. Primark profits for ABF's financial year - which ends this Saturday - will still be well down on last year's £913m. But adjusted operating profits should still be "At least at the top end" of the £300m to £350m range that ABF estimated earlier in the crisis. While Primark has been the outperformer in ABF's portfolio in recent years, its other businesses have outperformed through the pandemic. Washington last month banned sales of any chips using US technology to the Chinese company.

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