Weak pound hits Primark owner

Primark owner Associated British Foods has warned it will take a £20 million hit due to the stronger pound.

While its full-year outlook for the group is unchanged – with “progress” expected in adjusted operating profits and adjusted earnings per share – unfavourable exchange rates are expected to drag on results. Fullyear sales at Primark are expected to rise 5.5 per cent on a constant currency basis.