Retail

Penneys owner AB Foods raises outlook to forecast profit margin of 8%

Associated British Foods expects half year revenues to be up 16 per cent year on year

AB Foods remains cautious about the six months ahead. Photo: Post Reporter.

Associated British Foods, the owner of Primark-Penneys, has forecast operating profits of 8 per cent for both the half year and full year in its latest trading statement.

In an update on Monday, ABF said: ”At Primark, we now expect an improvement to our previous expectations of adjusted operating profit in the second half as a result of higher sales and some lower operating costs. For the full year we now expect adjusted operating profit ...