Primark drives strong growth for owner AB Foods as profits rise

Primark owner Associated British Foods Plc said profit will rise at the value fashion chain as lower raw material and freight costs boosted its performance.
The British conglomerate reported a 5% increase in annual profit and forecast “meaningful progress” in its 2023/24 financial year.
Primark’s adjusted operating profit margin is set to exceed 10% this year, with further improvement depending on levels of consumer demand, owner AB Foods said.
“Whilst the environment is