Recovery in margins at clothing chain fuels 39% jump in profit in first half of the year
Primark and Penneys owner Associated British Foods on Tuesday forecast “significant growth” in full-year profit as it reported a 39 per cent jump in the first half, partly driven by margin recovery at its clothing chain.
The group, which also owns major sugar, grocery, agriculture and ingredients businesses, said adjusted operating profit, its key profit measure, was £951 million in the six months to March 2nd, on revenue up 2 per cent to £9.73 billion pounds. "The group has delivered a strong first half performance and is on track to deliver significant growth in both profitability and cash generation ahead of expectations at the start of this financial year," it said.Primark’s first half revenue rose 7.5 per cent to £4.5 billion , with like-for-like sales up 2.1 per cent and margin recovery to 11.3 per cent, up from 8.3 per cent.
Penneys Associated-British-Foods
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