Primark and Silver Spoon owner Associated British Foods said its adjusted operating profit for the second half of its financial year will be well ahead of a year ago, in line with expectations.

Sales at Primark for the full year are now expected to be 17% ahead of last year at constant currency which, with the recent weakening of the euro, will be 15% ahead at actual exchange rates. That represents an improvement on the 11% growth rate (at actual exchange rates) seen in the first 40 weeks of the financial year.

"This excellent result was driven by an increase in retail selling space and like-for-like sales growth which we expect to be 3% for the full year," the group said.

Early sales of the autumn/winter range at Primark have been encouraging.

More to follow ...

JH

Related share prices
Associated British Foods (ABF) share price