Penneys raises full-year outlook after sales top expectations

A number of new sales records were set and the like-for-like performance was much improved on earlier periods during the pandemic

The queue onto Robert Street at Penneys, Cork. Picture Dan Linehan

Penneys owner Associated British Foods raised the full-year profit outlook for its fashion business after sales at stores which reopened after Covid-19 lockdowns in its latest quarter beat management expectations in all markets.

The group said Primark's revenue was €1.87bn in the third quarter to June 19 after the reopening of all stores and the opening of seven new stores, up from €0.7bn in the same period last year.