Primark helps AB Foods to overcome sugar slump

Associated British Foods reported full-year profit that beat estimates as the growth of the Primark budget-clothing chain, owner of Penneys, offset declining sugar-production earnings.

Adjusted earnings per share fell two percent to 102 pence in the 12 months ended September 12, the London-based company said. That compares with the 98.4 pence average estimate of 22 analysts compiled by Bloomberg.

The company forecast “a modest decline” in earnings for the coming financial year because ...