Primark owner hit by low sugar prices
Primark owner Associated British Foods (AB Foods) said the Silver Spoon-to-Twinings group expects its full-year profit to be impacted by lower sugar prices and a strong pound.
It said like-for-like sales at Primark slowed to 1% in the 52 weeks to September 12, from 4% a year ago, hit by an unseasonably warm autumn and a cool spring.
However, the fashion chain - which has nine stores in Northern Ireland - said it expected its annual overall sales to be 13% ahead of last year, driven by a 9% increase in selling space, which saw a net addition of 15 stores bringing the estate up to 293 shops. AB Foods added that across its businesses it expected group operating profit to be lower year on year due to the continuing decline of sugar prices and currency effects.