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Primark owner Associated British Foods has announced that it expects its adjusted operating profit for FY23 to be “moderately ahead of last year” following a period of strong trading in its third quarter.
It comes as the group posted overall revenues of £4.7bn for the 12 weeks ended 27 May 2023, marking a rise of 16%.
In the year to date, the group has posted revenues of £14.2bn, an increase of 17% compared with last year.
Primark reported revenues close to £2bn in Q3, an increase of 13% year-on-year, while its like-for-like sales growth was 7%, supported by higher average selling prices and growth for the year to date is now 9%.
The group stated that as well as seasonal clothing and accessories, sales in health and beauty products were particularly strong.
Strong sales at Primark have allowed the company to continue its expansion drive as it opened four stores in Q3 as well as signing a lease for its first store in Texas.
