Penneys' owner does not expect significant disruption from Red Sea situation

Like for like sales in Penneys grew by 2.1% compared to the same period last year driven by higher average prices. 

Penneys parent company ABF foods has said it does not expect the situation in the Red Sea to have “any significant disruption” to the retailer’s supply chain as it reports “strong” trading over the Christmas period.

Global trade is facing major challenges in the Red Sea where Iran-backed Houthi rebels have been escalating attacks on commercial ships for the last months over the war in Gaza.