Penneys owner gets new year lift

Penneys and Primark owner Associated British Foods today said retail trading so far this year had been good, particularly in light of the economic climate.

Fuelled by nine Primark store openings in the first half of its financial year, AB Foods said its retail sales for the six months to March 3 are expected to be 15% ahead of last year, with like-for-like sales up 2%.