Primark owner upgrades profit outlook as inflation fuels jump in sales revenue

Associated British Foods says group sales rose by 16% with Primark saying rises supported by steeper prices

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The owner of Primark and food brands including Twinings has upgraded its profit forecast for this year as sales revenue jumped thanks to inflation-fuelled price increases and as shoppers bought summer clothes.

Associated British Foods, which also owns brands including Ovaltine as well as a sugar business, said that group sales rose by 16% to £4.7bn in the three months to 27 May. Sales at Primark were up by 13% to nearly £2bn.