'Acceleration' in Primark's profit growth as US dollar weakens

The owner of fashion retailer Primark, which trades in Ireland as Penneys, has said profit growth at the fashion retailer would accelerate thanks to a boost from the weak US dollar and a better buying performance.

Associated British Foods (AB Foods) said Primark would enjoy better margins in the second half of the year, with the wider group remaining on track to hit annual profit targets.