Primark’s parent firm Associated British Foods (ABF) has lifted their profit guidance after a after boost from the fashion retailer.
Over the past financial year ABF told shareholders the outlook is “slightly better” than their previous guidance where they were told group-adjusted profit will be “moderately ahead” of 2022.
Sales in the retail section has risen by 15% to £9 billion for the year which are expected to rice 8% in the final quarter of the year with like-for-like rise of 7%.
George Weston, ABF chief executive, told the PA news agency, “We have had a very good year, which saw us take market share.
“There has been growth from people regaining the confidence to the high street but I think we have also benefited from the difficulties facing some of our competitors, such as Debenhams.
“We’ve found success across a lot of ranges, such as our slightly higher priced items, which we think have brought customers over from Zara or perhaps stores that have gone over the past year or two.
“Over the summer, we also had a Barbie range which sold through, so clearly people are still very happy with our product offering.”