Primark owner AB Foods raises earnings outlook

The new Primark store at Downtown Crossing in Boston on Sept. 8, 2015.
Wendy Maeda | The Boston Globe | Getty Images

Primark-owner Associated British Foods on Monday raised its earnings outlook for the second time in two months, benefiting from better-than-expected second-half trading and favourable currency moves.

The firm, which also has major sugar, grocery, agriculture and ingredients businesses, said it now expected earnings per share (EPS) for the 2015-16 year to be marginally ahead of the 102 pence made in 2014-15.

AB Foods had raised its outlook in July, saying it no longer expected a decline in adjusted EPS.

"The underlying operating performance of the group has been ahead of our expectation in the second half and the further weakening of sterling during the period since the EU referendum has resulted in a translation benefit," it said.

The firm said full-year sales at Primark are expected to be 9 percent ahead of last year at constant currency.

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