AB Foods Revenue Rose; Primark Profit Ahead Despite Like-for-Like Sales Drop
January 17 2019 - 2:48AM
Dow Jones News
By Adam Clark
Associated British Foods PLC (ABF.LN) said Thursday that sales
rose slightly in the first 16 weeks of its fiscal year, with a
mixed performance from budget fashion chain Primark.
The U.K. food processing-and-retail company said revenue for the
period to Jan. 5 rose 2% from the prior year at constant currency.
At actual exchange rates, sales rose 1%.
Primark sales rose 4% at constant currency on the back of
increased selling space, despite a "modest decline" in
like-for-like sales. AB Foods said a higher operating margin
boosted Primark's profit and Christmas sales beat its
expectations.
AB Sugar revenue fell 12% at constant currency amid lower
European Union sugar prices. The company said there are early signs
of recovery in EU sugar prices.
Grocery sales were up 3% with good growth in the Twinings
Ovaltine drinks business, AB Foods said. Agriculture revenue rose
5% and ingredients sales were up 6% at constant currency.
AB Foods said its full-year outlook remains unchanged, with
adjusted operating profit and adjusted earnings per share expected
to be in line with fiscal 2018.
Write to Adam Clark at adam.clark@dowjones.com
(END) Dow Jones Newswires
January 17, 2019 02:33 ET (07:33 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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