Discount clothing giant Primark seems to have wobbled on the catwalk and the stumble didn't help the share price of parent group Associated British Foods (ABF). The stock fell 6 per cent after an update which showed like-for-like sales at the clothing brand were set to fall 2 per cent for the full year. Total sales are predicted to rise 9 per cent thanks to new store openings in Europe and the US.
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Elsewhere, ABF had to restate profits lower in its sugar business due to a new accounting standard being implemented across the sector and adjusted operating profits in its agriculture division are also likely to be below last year.
