AB Foods Sees Fiscal Year Adjusted Operating Profit Growth, But Primark Sales Missed Expectations -- Update
13 Septiembre 2021 - 3:47AM
Noticias Dow Jones
By Sabela Ojea and Jaime Llinares Taboada
Associated British Foods PLC said Monday that its full-year
adjusted operating profit is now expected to surpass the previous
year's despite lower-than-expected sales, and that Primark and the
AB Food business are anticipated to exceed management's previous
expectations.
The British conglomerate said that Primark's adjusted operating
profit for the year ending Sept. 18 is expected to be ahead of last
year, and that the operating margin for the fourth quarter was
strong.
The FTSE 100 listed company said adjusted earnings per share are
anticipated to be marginally ahead of last year.
However, Primark sales growth softened in the fourth quarter as
a result of measures to contain the spread of the Delta coronavirus
variant in countries like Spain and the U.K. Fourth-quarter sales
are expected to be 17% lower than in the same period of fiscal
2019.
"We have seen a significant improvement in trading as the period
progressed, from a weekly decline in like-for-like sales of 24% at
the start of the period to a decline of 10% in recent weeks," the
company said.
Regarding its AB Sugar business, the company said that full-year
revenue is expected to be 7% ahead of last year.
Shares at 0805 GMT were down 3.8% at 1,895 pence.
Write to Sabela Ojea at sabela.ojea@wsj.com and Jaime Llinares
at jaime.llinares@wsj.com
(END) Dow Jones Newswires
September 13, 2021 04:32 ET (08:32 GMT)
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