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AB Foods says Primark sales still growing
December 6, 2013 / 11:46 AM / 4 years ago

AB Foods says Primark sales still growing

LONDON, Dec 6 (Reuters) - Primark, the British discount fashion retailer owned by Associated British Foods, has seen further growth in underlying sales since September, it said on Friday.

“Trading in the year to date (since Sept. 14) has built upon the exceptional like-for-like growth delivered in the same period last year with further like-for-like growth achieved,” AB Foods chairman Charles Sinclair said in a statement at the firm’s annual shareholders meeting.

He said that trading for the wider group had been in line with expectations and reiterated guidance for adjusted earnings per share in the 2013-14 year similar to that achieved in 2012-13.

The group expects a further reduction in profit from AB Sugar as sugar prices fall and the market rapidly adjusts ahead of regime reform in 2017, offset by better profit at Primark and its grocery business.

Primark expects to add over 1 million square feet of selling space in 2013-14, up from 0.8 million square feet in the previous year. [ID:nL5N0IQ0TC}

Shares in AB Foods, up 54 percent over the last year, were up 0.4 percent at 2,260 pence at 1130 GMT, valuing the business at 17.9 billion pounds ($29.2 billion).

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