Primark today reported an "outstanding" performance for the past year, with operating profits up 35%, but its owner warned that future margins will be squeezed by the soaring costs of cotton and transport.

The FTSE 100 Index finished ahead for the first time this week as sentiment was given a tentative boost by more upbeat corporate and economic news today.

Trading on the London market steadied today as blue-chip retailers and financials moved higher.

Penneys' owner Primark’s retail success showed no signs of ending today after the chain reported a 20% jump in sales for the current financial year.

THE success of Primark, which trades as Penneys in Ireland, showed no signs of ending after its owner promised excellent results from the chain.

The success of Primark on the high street showed signs of ending today after its owner promised “excellent results” from the chain.

Primark continued its run of success on the high street today after its owner reported better-than-expected Christmas sales for the chain.

The founding family of British cereals firm Jordans has sold a stake in the business to Kingsmill owner Associated British Foods, it emerged today.

Associated British Foods today said half-year sales at its Primark retail chain was expected to increase by 6% despite a fire which destroyed its main UK warehouse.

Associated British Foods hailed the “outstanding” performance of its Primark retail chain today after group profits rose by 12% to £590m (€872.5m).

Clothes retailer Primark was today preparing to bolster its presence in the UK after deciding to hold on to more former Littlewoods sites than originally planned.

US giant Heinz is expected to confirm today that it has bought the maker of HP sauces for €702m.

Premier Foods and Associated British Foods were today reported to have lost out to US giant Heinz in the battle for the maker of HP sauces.

British food to clothing retailer Associated British Foods - the owner of Penneys - said today it was now a better balanced business after acquisitions helped profits rise by 16%.

Advertising agency M&C Saatchi was celebrating a successful first year on the stock market today after signing new contracts with Halfords and Royal Bank of Scotland.

London’s FTSE 100 Index closed more than 1% lower today as investors took profits after a three day upward run.