Penneys-owner posts 12% drop in profit following decline in sugar business 

Penneys/Primark is owned by Associated British Foods. 

Despite growth in its retail division, Penney’s-owner Associated British Foods (ABF) has posted a 12% decline in operating profit for the first half of its financial year largely due to declines in its sugar business, the company’s interim results show.

In the 24 weeks up to March 1, the company reported revenue in line with prior year, with growth in its retail and ingredients divisions offset by a decline in its sugar division.