Associated British Foods' Outlook Edges Up Amid Primark Strength
July 06 2017 - 02:51AM
Dow Jones News
By Rory Gallivan
LONDON--Associated British Foods PLC (ABF.LN) said Thursday that
its full-year outlook had improved slightly due to a strong
performance at the fashion store chain Primark as it reported
rising sales for the first 40 weeks of the fiscal year.
The fashion retailer and ingredients supplier said revenue from
continuing businesses for the 40 weeks ended June 24 was 10% ahead
of the same period last year in constant currency.
Revenue was 20% ahead at actual exchange rates due to the fall
in sterling following Britain's vote to leave the European
Union.
The company said trading at Primark was strong in the third
quarter, helped in part by trading at new stores in the U.S., that
resulted in a marginally improved outlook for the full year.
Revenue has also grown in the grocery, sugar and agriculture
divisions, the company said.
ABF said it continues to expect to report good growth in
adjusted operating profit and adjusted earnings per share for the
full year.
-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter:
@RoryGallivan
(END) Dow Jones Newswires
July 06, 2017 02:36 ET (06:36 GMT)
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