AB Foods Revenue Hurt By Pandemic, Expects Sharp Drop in Annual Primark Profit
July 02 2020 - 2:51AM
Dow Jones News
By Matteo Castia
Associated British Foods PLC said Thursday that its
third-quarter revenue fell sharply as the pandemic slashed sales in
its retail division.
The British conglomerate--which owns fashion brand Primark--said
revenue fell 39% year-on-year to 2.61 billion pounds ($3.26
billion) during the quarter ended June 20.
Revenue in the 40 weeks to June 20 at constant currency fell 13%
on the year to GBP10.25 billion, the company said.
Retail revenue plunged 75% to GBP4.29 billion, as Primark stores
shut down during the lockdown. The fashion brand doesn't have an
online business.
The company said almost all Primark stores are now open and that
it estimates a full-year adjusted operating profit of GBP300
million to GBP350 million for the fashion brand. This compares with
GBP913 million in fiscal 2019.
Revenue in the grocery division rose 9% to GBP2.63 billion.
"For the full year we continue to expect strong progress in the
aggregate adjusted operating profit of our Sugar, Grocery,
Agriculture and Ingredients businesses," AB Foods said.
Write to Matteo Castia at matteo.castia@dowjones.com
(END) Dow Jones Newswires
July 02, 2020 02:36 ET (06:36 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Associated British Foods (LSE:ABF)
Historical Stock Chart
From Aug 2024 to Sep 2024
Associated British Foods (LSE:ABF)
Historical Stock Chart
From Sep 2023 to Sep 2024