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Primark stars for ABF

Discount fashion chain Primark, which trades as Penneys in Ireland, was once again the star on the Associated British Foods (ABF) catwalk as the retail arm delivered £662m (€847m) in operating profit for the group in the last financial year.

The figure represents a 29pc jump on the previous period.

ABF has been continuing to expand Dublin-headquartered Primark across Europe, with plans to enter the US market late next year. Its first outlet there will be in Boston.

Sales at the chain were 16pc higher at £4.95bn (€6.3bn) in the year to the middle of September.