LONDON--Associated British Foods PLC (ABF.LN), a diversified
food, ingredients and retail company, said Thursday that Group
revenue for the first 16 weeks was 10% ahead of last year, ahead of
expectations driven by the outstanding performance from Primark,
adding that it now expects to make further progress in full year
adjusted operating profit
MAIN FACTS:
-Retail Sales at Primark were above expectations, 25% ahead of
the same period last year and 27% ahead at constant currency;
Trading for the remaining businesses in line with expectations
-Sugar revenue were 12% ahead of last year
-Agriculture revenue was 3% ahead of last year
-Grocery revenue was level with last year.
-Ingredients revenue was level with last year.
-Net debt at Jan. 5, was GBP0.9 billion
-As previously indicated, the full year result for AB Sugar is
expected to be lower than last year, but anticipate that this will
be more than offset by growth at Primark and some recovery in
Grocery.
-Now expect to make further progress in adjusted operating
profit for the full year, with the improvement heavily weighted
towards the first half.
-Shares closed Wednesday at GBP15.56, valuing the company at
GBP12.32 billion.
-Write to Razak Musah Baba at razak.baba@dowjones.com
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