Primark owner Associated British Foods posts £466m profits
Primark owner Associated British Foods has announced half-year pre-tax profits up 4% to £466 million.
The company said like-for-like sales at Primark compared to the same period last year were broadly flat, with warm weather across Europe hitting its performance. Profits at the budget fashion retailer were down 3% to £322 million although sales rose 5% to £2.6 billion.
It added that trading at its two US Primark stores has been "encouraging" and it plans to opens six more outlets in the country this year.
Overall, group revenue declined 2% to £6.1 billion.
Associated British Foods chief executive George Weston said: "These results demonstrate underlying progress for all of our businesses in the period despite currency.
"Good buying and selling space expansion continued at Primark, cost reduction and performance improvements contributed to a better result at Sugar, profits were well ahead at Ingredients, and profit margins improved at Grocery and Agriculture."