Primark ’s owner Associated British Foods released results for the year to 13 September on Tuesday and also hinted that Primark might one day be operated as a separate business.

More of that later. First, those results. ABF group revenue was down 3% at £19.459 billion and pre-tax profit fell 26% to £1.413 billion. ABF ha in September already flagged its sales figures but let’s look at the Primark numbers in detail. In its Retail division (that is, Primark), sales grew 1% at constant currency and were “in line” on a reported basis at £9.5 billion.

Adjusted operating profit increased 2% to £1.126 billion and the adjusted operating profit margin was 11.9%, up from 11.7% a year earlier.

It said it saw “good execution of store rollouts in Europe and the US [that] contributed 4% to sales g

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