Companies

Penneys owner expects operating profit to be ahead of last year

Revenue in the year to date is £14.3 billion

The company said its summer ranges are performing well

Penneys owner Associated British Foods (AB Foods) has said it expects its adjusted operating profit for its full year to be “moderately” ahead of last year.

AB Foods reported total revenue of £4.7 billion for the 12 weeks to May 27, a 16 per cent increase year on year.

Revenue in the year to date is £14.3 billion, up 17 per cent on the corresponding period last year.

The company said Primark – what Penneys ...