Associated British Foods Reiterates Growth Expectations for Fiscal Year 2018
December 08 2017 - 06:56AM
Dow Jones News
By Adam Clark
Associated British Foods PLC (ABF.LN) said Friday that it is
reiterating its outlook for financial 2018 and expects progress in
adjusted operating profit and adjusted earnings per share, as
previously guided.
The food-and-retail company said the expansion of
budget-clothing retailer Primark's selling space will continue. It
has already opened five new stores since the end of its financial
year on Sept. 16, it added. AB Foods said its Primark margins are
in line with the prior financial year and that it expects an
increase in retail profit.
AB Foods said it also expects progress from its grocery,
agriculture and ingredients units. However, the company said that
higher volumes and lower costs in its sugar business will only
partially mitigate the effect of lower selling prices in the
European Union.
It added that it expects no material effect on profit from
currency exchange at current rates.
Shares are up 23 pence, or 0.8%, to 2,875 pence at 1115 GMT.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
December 08, 2017 06:41 ET (11:41 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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