By Michael Susin

Associated British Foods PLC said Tuesday that revenue for the first quarter of fiscal 2023 rose on year after a better-than-anticipated consumer spending despite increasing cost pressures, and backed its fiscal 2023 expectations.

The FTSE 100 company said revenue for the 16 weeks ended Jan. 7 increased at constant currency by 16% to 6.70 billion pounds ($8.29 billion) compared with the same period a year earlier.

Revenue for the period for AB Food's retail arm rose 15% to GBP3.14 billion, while the group's food business rose 17% to GBP3.55 billion.

"For the full year, our expectation for the Group result overall is unchanged with a significant growth in sales, and adjusted operating profit and adjusted earnings per share to be lower than the previous financial year," it said.

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

(END) Dow Jones Newswires

January 24, 2023 02:36 ET (07:36 GMT)

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