Associated British Foods (ABF) said it expects to post higher than forecast profits for the second half of the year as sales at the clothing chain Primark continue to surge.

 

Primark’s full-year sales, which account for approximately a third of ABF’s profit, are expected to be 22% ahead of last year thanks to sales growth nearing 5% at stores open for more than a year and new store openings (by the end of the year 16 new stores will have opened across Britain and Europe).

 

Unlike the majority of its high street competitors, Primark prefers expanding its store portfolio and has held out against selling online.

 

ABF said its sugar division’s full-year and operating profits would be in line with expectations.

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