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Primark owner to report boost in profits

Primark owner Associated British Foods (ABF) is expected to announce a rise in full-year profits this week, despite slowing sales at older stores.

Primark at Fort Kinnaird

Primark at Fort Kinnaird

Primark at Fort Kinnaird

Pre-tax profits at the company are predicted to be up 2% to £1.05bn, The Telegraph reports. Revenue is expected to be up 2.3% to £13.1bn.

In September, ABF said it expects Primark’s like-for-like sales for the year to 17 September to drop 2% as a result of last year’s warm winter and cold spring.

It also warned that the weakened pound caused by the Brexit vote in June will hit margins next year.

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