Penneys owner, Primark, expects 15% rise in annual sales

Primark-owner Associated British Foods is set for a jump in annual earnings as shoppers snapped up bargains at its discount fashion chain and shrugged off the effects of wet weather and depressed economic growth in western Europe.

10th September, 2012
Primark, which owns Penneys, expects a three per cent rise in like-for-like sales

Primark-owner Associated British Foods is set for a jump in annual earnings as shoppers snapped up bargains at its discount fashion chain and shrugged off the effects of wet weather and depressed economic growth in western Europe.

Primark, which operates in Britain, Spain and Ireland where it owns the Penneys brand, expects annual sales at its 242 stores to rise 15 per cent. Like-for-like sales, which strip out new store openings, are expected to rise...

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