ASBFY Associated British Foods Plc (PK)

By Michael Susin

Associated British Foods PLC said Monday that it has improved its fiscal 2023 expectations as inflationary pressures are starting to decline.

The British conglomerate now expects significant growth in sales, and adjusted operating profit--which strips out exceptional and other one-off items--and adjusted earnings per share to be in line with thet previous financial year.

It had previously expected adjusted operating profit and adjusted EPS to be below the 1.43 billion pounds ($1.71 billion) and 131.1 pence, respectively, that it reported for the year ended Sept. 17.

The company said it has continued to face significant cost pressures, but that consumer spending has proven to be more resilient.

The British conglomerate expects sales for the first half to be 20% above the same period last year while adjusted operating profit is anticipated to be broadly in line.

Primark's total sales for the same period are anticipated to rise 19% to GBP4.2 billion, and adjusted operating profit margin is now expected to be above 8%.

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

(END) Dow Jones Newswires

February 27, 2023 02:40 ET (07:40 GMT)

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