Economy

Associated British Foods Announces Improved Full Year Outlook

Associated British Foods Announces Improved Full Year Outlook”

It performed particularly well in the United Kingdom where full-year sales were expected to be 10% ahead of last year and market share gains were achieved.

AB Foods said its adjusted operating profit would be "well ahead of last year", after Primark enjoyed good trading in the run-up to Easter.

It's due to publish a final full-year earnings report on 7 November.

LONDON-Associated British Foods PLC (ABF.LN) expects good underlying growth in fiscal 2017 as a result of a stronger profit performance from its fast-fashion chain Primark, with an added currency boost from the Brexit-weakened pound. On the same comparable basis but at actual exchange rates, sales are expected to be 20 percent ahead. "Adjusted operating profit for the group will be well ahead of previous year".

AB Foods expects full-year sales at Primark to rise 13 per cent on a constant currency basis, with the United Kingdom seeing particularly strong turnover growth of 10 per cent.

The retailer said that strong Easter trading helped drive sales, which meant less discounting. France, Germany and the United Kingdom will see the most space added and overall Primark will open 19 new stores together with a number of relocations and extensions. The larger stores will be in Stuttgart and Munich in Germany; Toulouse and Bordeaux in France; and Antwerp in Belgium. It added that favourable weather in the fourth quarter and the strength of its consumer offering resulted in markdowns at lower levels than normal and early trading of the new autumn / winter range has been encouraging.

Primark did very well in the United Kingdom, where sales are expected to be 10% ahead on a year ago on a comparable basis and its share of the clothing market has increased significantly.

It said that because of this, the devaluation will result in a translation benefit of some £85m this financial year, most of which materialised during the first three quarters.

No financial details of the transaction were revealed, by the group said, in the year ended 31 December 2016, the Acetum business generated net sales of €103mln.



Like this

loading...
loading...

Latest


11 September 2017
Eden Hazard insists Chelsea will win the Champions League this season
In fact, the Belgian did not even feature in the competition last time around as Chelsea did not qualify. I'm back and we took three points so it is a good evening for me.

11 September 2017
Conor McGregor being sued for hitting man in the face with can
The Blast reported that Pegg is claiming he sustained just below $5,000 in medical bills due to the injury incurred. Conor McGregor is facing a lawsuit brought against him by a security guard who he injured at a press conference.

11 September 2017
PM Modi at students' convention: Vivekananda converted ideas into idealism
On Sunday, the Prime Minister, in a series of tweets, said the theme of his address will be "Young India, New India". If anyone has the right to say Vande Mataram in the country, it is the people who clean the country.

11 September 2017
Cost of energy from offshore wind halves
As part of reforms to its electricity market, Britain replaced direct subsidies for renewable power with a contracts-for-difference (CfD) system.

11 September 2017
Japan And South Korea To Push For More North Korea Sanctions
It is as if Russian Federation is playing good cop now, while China is playing bad cop, said Dr Choi Kang of the Asan Institute for Policy Studies.

11 September 2017
Billionaire Richard Branson hunkers down as Irma hits private island
Guests staying in the luxury resort have left or postponed their stay for safety reasons, he explained in a previous blog post . The billionaire and his staff are now on his private island of Necker, in the British Virgin Islands, east of Puerto Rico.

11 September 2017
Stellus Capital Investment Corporation (SCM) to Issue Monthly Dividend of $0.11
Jpmorgan Chase And Communications holds 0% of its portfolio in Stellus Capital Investment Corp (NYSE:SCM) for 11,303 shares. The stock of Stellus Capital Investment Corp (NYSE:SCM) earned "Hold" rating by Keefe Bruyette & Woods on Sunday, July 23.

11 September 2017
Klopp: Mane red decisive... and wrong!
He scored in each of Liverpool's three Premier League games last month, to help the Reds take seven points from nine. He was shocked about the situation. "I said to the fourth official that I didn't think it was a red card.

11 September 2017
Shakib wants six-month break from Test matches
According to Cricbuzz , the Bangladesh Cricket Board is awaiting an official letter from Shakib so as to make the announcement. It was learnt that Shakib is unlikely to be a part of the Test squad for the two-Test series.

11 September 2017
Sherwin-Williams Company (The) (NYSE:SHW) Trading Up - Short Interest Down -35.34%
It is positive, as 64 investors sold SHW shares while 237 reduced holdings. 86 funds opened positions while 200 raised stakes. Robeco Institutional Asset Management Bv holds 0.02% of its portfolio in Sherwin-Williams Co (NYSE:SHW) for 7,193 shares.