Not so sweet for ABF
bad day for
PENNEYS owner Associated British Foods (ABF) is in talks to secure a number of store leases in the north-east of the US and plans to have up to 10 outlets there by late 2016.
The first Primark store in the US, in Boston, is due to open next year. But the strong performance of its Penneys/Primark retail chain wasn't enough to prevent shares in ABF tumbling 5pc yesterday.
The company was weighed down by negative sentiment on the back of challenging conditions for its sugar business. ABF is one of the world's largest sugar producers.