Strong Christmas sales at Primark boost parent company AB Foods
Strong festive sales at Primark offset worse than expected performance from the sugar arm of parent Associated British Foods.
The food to fashion group said an unsatiated appetite for clothing from its low-cost retail chain drove a 12 per cent rise in sales in the 16 weeks up to January 4.
Analysts said like-for-like sales rose as much as 8 per cent. And finance director John Bason insisted it was not just a chain for the hard times. Families would continue to shop there even as their wallets got heavier.
Strong results: Primark soaring sales helped offset lacklustre performance at ABF's sugar arm
‘I don’t believe that Primark is a recession play,’ he said.
The soaring sales helped offset lacklustre performance at ABF’s sugar arm, where sales fell 27 per cent compared to last year, meaning group revenues rose by just 1 per cent.
Shares fell as much as 4.8 per cent before recovering to close 71p lower – around 3 per cent – at 2625p.
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