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Penneys owner AB Foods warns of lower annual profit
- On Thursday, Associated British Foods warned over profits after Primark's disappointing Christmas trading, and shares in the group fell 12% in early trading.
- As part of that process, AB Foods launched a group-wide review two months after announcing it, and George Weston said Primark had a challenging start to the year.
- Overall Primark sales were down 2.7% like for like as the group significantly increased markdowns, while Primark in the UK saw 1.7% growth and Continental Europe fell 5.7% in the 16 weeks to January 3.
- ABF now expects group adjusted operating profit and adjusted EPS to be below last year, warning the full-year adjusted operating profit margin could be approximately 10% if trends continue.
- Following the trading update, the Competition and Markets Authority fast-tracked its probe into the ABF-Hovis merger to phase 2 after AB Foods bought 135-year-old Hovis in August last year.
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18 Articles
18 Articles
Coverage Details
Total News Sources18
Leaning Left4Leaning Right0Center3Last UpdatedBias Distribution57% Left
Bias Distribution
- 57% of the sources lean Left
57% Left
L 57%
C 43%
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