Primark positive about profits

Sales growth at the Primark discount fashion chain has accelerated over the last eight weeks as falling fuel prices boost shoppers’ disposable income, Associated British Foods said yesterday.

The group reiterated its annual earnings expectations with growth at Primark and progress at its grocery, ingredients and agriculture businesses helping to offset continued weakness in its sugar operation.

ABF said Primark’s half year to February 28 sales were expected to rise by 16% on a constant currency basis, up from 15% reported for the first 16 weeks of the period.