Associated British Foods 1Q Revenue Rose Despite Omicron Hit to Primark Sales
20 Gennaio 2022 - 8:54AM
Dow Jones News
By Sabela Ojea
Associated British Foods PLC said Thursday that revenue for the
first quarter of fiscal 2022 rose on year despite Primark sales
declining, and left its full-year guidance unchanged.
The FTSE 100 company said revenue for the 16 weeks ended Jan. 8,
increased at constant currency by 19% to 5.57 billion pounds ($7.58
billion) from the same period a year earlier.
The British conglomerate said Primark sales for the period were
down 11% on a like-for-like-basis, and 5% lower than in the same
period two years before, before Covid-19 became widespread.
The company said the performance of Primark has been hit by
lower footfall as a result of the rapid rise in Omicron cases in
recent weeks. However, it said sales from now to April are
anticipated to be significantly better than those of the same
period a year ago.
Revenue at the company's sugar business rose to GBP609 million
from GBP545 million, with revenue at its agriculture business
increasing 8% to GBP545 million.
"Grocery, sugar, agriculture and ingredients revenues in
aggregate were 6% ahead of last year at constant currency," the
company said, noting that retail sales were also 36% ahead of last
year, with an operating profit margin ahead of its own views.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
January 20, 2022 02:39 ET (07:39 GMT)
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