This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at https://www.theguardian.com/business/2016/jul/07/primark-owner-buoyed-by-stronger-euro

The article has changed 5 times. There is an RSS feed of changes available.

Version 0 Version 1
Primark owner buoyed by stronger euro Primark owner buoyed by stronger euro
(35 minutes later)
Primark’s owner is expecting a boost from the rising value of the euro against the pound in the wake of the Brexit vote.Primark’s owner is expecting a boost from the rising value of the euro against the pound in the wake of the Brexit vote.
Associated British Foods had previously warned that it expected a “marginal decline” in earnings per share for the financial year, which ends in August. But following the result of the EU referendum, the company said overseas profits in the final quarter will be better than expected once translated into sterling. Associated British Foods had previously warned that it expected a “marginal decline” in earnings per share for the financial year, which ends in August. But following the result of the EU referendum, the company said overseas profits in the final quarter would be better than expected once translated into sterling.
It does not expect sales to be hit by the weaker pound but warned that Primark’s UK profit margins would suffer. However, this would be offset by a favourable boost to margins at the group’s sugar business and also in translating profits earned outside the UK, which last year made up 50% of the total.It does not expect sales to be hit by the weaker pound but warned that Primark’s UK profit margins would suffer. However, this would be offset by a favourable boost to margins at the group’s sugar business and also in translating profits earned outside the UK, which last year made up 50% of the total.
ABF said sales at its fashion chain rose by 7% in the 40 weeks to 18 June after opening 11 new stores in the last three months of the period. However, underlying sales were hit by “unpredictable weather patterns”, particularly the cold weather in April followed by a return to more seasonal weather in May. ABF said sales at its fashion chain had risen by 7% in the 40 weeks to 18 June after it opened 11 new stores in the last three months of the period. However, underlying sales were hit by “unpredictable weather patterns”, particularly the cold weather in April followed by a return to more seasonal weather in May.
Plans to expand Primark remain unchanged in the light of the UK’s vote to leave the EU. The chain expects to open 300,000 sq ft more trading space by August, including two more stores in the US, at Willow Grove in greater Philadelphia, and Freehold Raceway in New Jersey. It will also double the size of its Creteil store in Paris. Plans to expand Primark remain unchanged in the light of the UK’s vote to leave the EU. The chain expects to open 300,000 sq ft more trading space by August, including two more stores in the US, at Willow Grove in Greater Philadelphia, and Freehold Raceway in New Jersey. It will also double the size of its Creteil store in Paris.
The company said the decision to leave the EU had created uncertainty in the business environment and financial markets, but added: “We have a strong balance sheet and we remain optimistic for the group’s continued growth.”The company said the decision to leave the EU had created uncertainty in the business environment and financial markets, but added: “We have a strong balance sheet and we remain optimistic for the group’s continued growth.”