By Sabela Ojea

Associated British Foods PLC reported Tuesday a significant rise in adjusted operating profit for the first half of fiscal 2022, in line with views, and said that Primark will rise prices to face inflationary pressures.

The British conglomerate posted an adjusted operating profit for the 24 weeks ended March 5 of 706 million pounds ($899.5 million) compared with GBP368 million for the year-earlier period.

The FTSE 100 listed company's revenue rose to GBP7.88 million from GBP6.31 billion for the year-earlier period, adding that Primark sales rose 59% to GBP3.54 billion.

The company said Primark benefited from a strong sales recovery in U.K. and Ireland, as well as from positive trading across the U.S. However, it noted that consumer footfall in Continental Europe remained weak.

"With increasing inflationary pressure and dollar strengthening, we will implement selective price increases across some of our autumn/winter stock," it said.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

April 26, 2022 02:37 ET (06:37 GMT)

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