AB Foods lifts outlook as Primark Q3 sales rise 13% on strong summer

(Sharecast News) - Third-quarter sales at discount fashion chain Primark grew 13%, driven by strong summer sales and higher prices as customers seek value for money amid the cost of living crisis, leading parent company Associated British Foods to lift annual guidance. Like-for-like sales grew 7% supported in the 12 weeks to May 27, with revenue on the same basis now up 9% in the year to date.

"As well as seasonal clothing and accessories, sales in health and beauty products were particularly strong," AB Foods said on Monday.

Reporting by Frank Prenesti for Sharecast.com