Penneys owner sales up 20%

Clothing retailer Primark, which trades as Penneys in the Republic, has reported a 20 per cent rise in sales in the 40-week period to June 20th.

Primark's owner Associated British Foods (ABF) said it had increased sales despite difficult trading conditions in the UK.

The company said the sales increase reflected an increase in retail space having opened new stores in Germany, Portugal and in the Spanish city of Barcelona.

ABF said revenues for the first three quarters was up 19 per cent compared with the same period a year earlier.

The group said today it expects “little change” in full-year earnings as an increase in operating profit will be ”broadly” offset by a higher interest charge.