Penneys owner AB Foods raises outlook on consumer resilience

The group said it had traded "well ahead" of expectations

Penneys has been slowly rolling out a website for Irish customers but has yet to implement online ordering and home deliveries.

Penneys and Primark owner Associated British Foods raised its financial guidance for full-year 2022-23, saying consumer spending had proven to be more resilient than it expected.

The group said Primark had traded "well ahead" of expectations, with sales in the first half to March 4 expected to be £4.2bn (€4.76bn), up 16% at constant currency, with adjusted operating profit margin now expected to be above 8%.