Penneys-Primark revenues rise to £4.5bn though cautious shoppers weigh on sales growth in Ireland

Penneys-Primark retail operations posted a 45% jump in operating profit to £508m in the first half of its financial year.

In the Republic of Ireland and Portugal, the retailer said it had only satisfactory trading, as warm weather held back pre-Christmas sales and amid a slower recovery in consumer sentiment 

Clothing retailing giant Penneys-Primark said revenues grew very strongly to £4.5bn (€5.2bn) at the half-year stage, although sales growth in Ireland was weighed down by a milder winter and cautious shoppers amid the cost-of-living crisis.

Associated British Foods, or ABF,  which operates food, agriculture, and sugar operations, as well as the Penneys-Primark stores, also said it sees a limited fallout for its group-wide corporate tax rate as a result of the decision by the Irish government to raise the minimum rate of corporation tax for large corporates from 12.5% to 15%.