Penneys owner preparing for Ireland's corporate tax changes 

AB Foods said Penneys and Primark are not immune to the challenges of supply chain

The group, which also has major sugar, grocery, ingredients and agriculture operations, said it was seeing significant cost increases in energy, logistics and commodities. Picture: Larry Cummins

Penneys owner Associated British Foods forecast a significant increase in sales and profit at its fashion chain in its new financial year after the 2020-21 performance was dented by store closures due to the pandemic.

Penneys, which trades as Primark outside Ireland, said it expected sales to increase by at least the estimated £2bn (€2.34bn) that were lost to closures during the crisis, with its adjusted operating margin, recovering to over 10%. Revenue and profit fell 5% and 11% in 2020-21.