Primark owner Associated British Foods has upped its outlook for the full year after reporting a jump in sales at the budget fashion chain as consumer spending held up better than expected.
The group said sales at the retailer, which has 419 stores, are set to rise by 16% at actual exchange rates to £4.2 billion in the first half to March 4, up 10% on a like-for-like basis – and ahead by 14% in the UK.
AB Foods said while it continues to see “significant” cost pressures, consumer spending has “proven to be more resilient in this trading period than anticipated at the start of the financial year”.
