PRIMARK’S owner said it is predicting a post-Brexit profits boost despite a squeeze on its budget fashion chain from the plunging pound.Associated British Foods saw shares jump 6% higher as it posted a 5% rise in underlying pre-tax profits of just over £1billion for the year – and said it expected another hike in earnings for the coming year.But the group confirmed like-for-like sales at Primark are down 2% after a “challenging” year and warned the fall in the value of sterling since the EU referendum would hurt their margins.AB Foods has already pledged not to raise price tags at the massively popular store as it buys a lot of its clothes from Asia in US dollars.But chief executive George Weston said the pound’s fall brings “benefits and challenges” to the group.It is hoping for a boost to the value of overseas group earnings, which account for around half of the group’s total, and had a strong performance from its sugar business.AB Foods said that overall it hoped to gain from the Brexit process in spite of uncertainties.It said: “Changes in legislation and trade agreements, particularly in the areas of trade tariffs and UK agricultural policy, have the potential to… Read full this story
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