AB Foods 3Q 2019 3% Ahead at Constant Currency
July 04 2019 - 3:02AM
Dow Jones News
By Adriano Marchese
Associated British Foods PLC (ABF.LN) said Thursday that group
revenue in the first 40 weeks of fiscal 2019 was 3% ahead of the
same period last year at constant currency.
At actual exchange rates, the Primark-owner said revenue grew 2%
in the period to June 22 compared with last year's equivalent
period.
In the third quarter, the grocery business generated revenue
that was 1% ahead of last year.
Sugar revenue was in line with last year at this time, an
improvement on the decline in sales in the first half of the year,
the company said. It said it expects production for the 2019 and
2020 campaign to be at least what it produced last year, at 1.15
million metric tons.
The company's ingredients business generated revenue that was 5%
ahead of last year.
The company said Primark like-for-like sales declined, held back
by unseasonable weather in May. On a constant currency and actual
exchange rate basis, sales were 4% ahead in the year-to-date. This
was driven by an increase in selling space, it said, with an
additional 0.5 million square feet of space in the third quarter
with nine new stores.
It said that for the full year, it expects good profit growth in
Primark, and on an underlying basis, in its grocery business as
well. Full-year outlook for the group remains unchanged, with
adjusted earnings per share expected to be in line with last
year.
Write to Adriano Marchese at adriano.marchese@dowjones.com
(END) Dow Jones Newswires
July 04, 2019 02:47 ET (06:47 GMT)
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