Penneys-Primark owner projects higher profits and sales amid inflation

Owner Associated British Foods said it was still 'cautious about the resilience of consumer discretionary spending in the face of continuing inflation in the cost of living and higher interest rates'

Penneys-Primark, which has its retail head offices in Ireland, had already said it would limit further price increases.

The owner of Penneys-Primark stores said it expected profits and sales to increase for its full financial year, as the clothes retailer manages inflation running at its highest levels for decades.      

Penneys-Primark, which has its retail head offices in Ireland, had already said it would limit further price increases. And in the latest update, its owner Associated British Foods, or ABF, sees the retail business performing, though it was still "cautious about the resilience of consumer discretionary spending in the face of continuing inflation in the cost of living and higher interest rates".