Primark owner eyes more Irish stores

The owner of value clothes retailer Primark, which trades as Penny's in Ireland, today said it would continue to open new stores despite reporting a slide in full-year profits.

Associated British Foods said Primark’s underlying profits fell 8% to £309m in the year to September 17 as it “absorbed” some of its cost hikes, including the higher rate of VAT and a near doubling in cotton prices.