Primark sales growth slows after ‘outstanding’ start to the year

Associated British Foods said sales growth slowed at its Primark clothing chain as business conditions returned to normal after an “outstanding” start to the year.

The stock fell as much as 2.6%, the biggest intraday drop since Sept 7. Sales at Primark, which trades as Penneys in Ireland, will rise about 23% in the period ending Mar 2, slowing from 25% in the first 16 weeks, London-based AB Foods said.

The full-year outlook is unchanged even as first-half profit will beat the firm’s expectations, AB Foods said.