At the annual general meeting of Associated British Foods plc (ABF) its Chairman, Michael McLintock, said that during November, trading at Primark was challenging.

McLintock said in a statement: "During November Primark trading was challenging, in a tough retail market, but with careful inventory management and improved margins, our expectation for the increase in Primark profit is unchanged.”

According to ABF, Primark’s selling space expansion will continue and it expects an increase in retail profit for the year. Following the opening of a store in Belfast, Primark now operates 364 stores with a total selling space of 15.1 million square feet.

“At current exchange rates we expect no material translation or transactional effect on profit but the sterling exchange rate can be expected to be volatile given a period of intense Brexit negotiations. Taking all of these factors into account, at this early stage, we still expect adjusted earnings per share for the group for this financial year to be in line with the 2018 financial year," added McLintock.

 

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