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Primark-owner Associated British Foods raised its guidance on annual profit amid an improved outlook for Primark and its sugar division following a strong third quarter of performance.
'Our outlook for the adjusted operating profit for the group, stated before repayment of job retention monies, is now in line with last year,' the company said.
'We expect these improvements in our outlook to result in adjusted earnings per share for the group reaching a level below last year,' it added.
Primark revenues reached £1.6 billion in the third quarter, well ahead of last year's third quarter sales of £0.6 billion.
Following the encouraging sales performance by Primark since stores reopened this quarter, 'we now have higher expectations for final quarter sales,' the company said.
'Our forecast for full year sales at Primark has increased accordingly and adjusted operating profit, stated before repayment of job retention scheme monies, is now expected to be broadly in line with last year,' it added.
For the full year, improved performance at Illovo was expected to result in a higher adjusted operating profit at AB Sugar.
But adjusted operating profit at grocery was expected to be lower than last financial year primarily driven by lower margins at ACH.