ASBFY Associated British Foods Plc (PK)

By Michael Susin

Associated British Foods PLC said Monday that revenue for the third quarter increased, helped by stronger pricing in ingredients, and said that Primark revenue was above prepandemic levels.

The British conglomerate posted revenue for the period ended May 28 of 4.05 billion pounds ($4.95 billion), up 32% compared with the same period a year ago at constant currency.

The FTSE 100 listed company said that Primark revenue increased 81% to GBP1.73 billion as all stores were open during the period. Sales in the quarter were 4% above prepandemic levels three years ago, it said.

Primark is on track to deliver an adjusted operating profit margin of 10% for the full year, the company said.

Total food businesses revenue rose 10% to GBP2.32 billion due to pricing actions taken to recover input cost inflation, it said.

AB Foods said full-year guidance remains unchanged.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

June 20, 2022 02:45 ET (06:45 GMT)

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