AB Foods Sees Improved Performance Ahead as Primark Sales Strengthen -- Update
10 Dicembre 2021 - 9:24AM
Dow Jones News
By Sabela Ojea
Associated British Foods PLC said Friday that fashion retailer
Primark's performance since the fiscal 2021 year ended on Sept. 18
has been ahead of expectations thanks to stronger like-for-like
sales when compared with the latest quarter.
The British conglomerate said its performance across grocery,
sugar, ingredients and agriculture has also been in line with
views, which will help it achieve its current views of closing the
first half and fiscal 2022 as a whole with adjusted operating
profit and adjusted earnings per share growth.
The FTSE 100 company said Primark's margin has beat expectations
on a year-to-date basis. However, it said it could need to raise
prices due to supply-chain issues and higher energy costs.
"We have seen an escalation in the cost of energy, logistics and
commodities and we have been implementing plans to offset these
through operational cost savings and, where necessary, the
implementation of price increases," the company said.
Primark, which is suffering from the latest Covid-19
restrictions in Germany, Austria and the Netherlands, has opened
two stores since its fiscal 2021 year ended, AB Foods said.
"Looking ahead we currently expect Primark sales to be
significantly better than sales in the comparable period in the
last financial year, from December 2020 to April 2021, when the
estate was largely closed," AB Foods added.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
December 10, 2021 03:09 ET (08:09 GMT)
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