We have pencilled in 10 store openings at Primark next year, we remain bullish about the expansion opportunities across Continental Europe, where trading has remained strong, and believe the pipeline for new stores remains good. We reiterate our Buy recommendation and 1200p price target
ANDREW WOOD | BERNSTEIN
Despite having outperformed the market by nine per cent year to date, ABF is still bottom-of-class in our European Food Group, which is probably deserved. We consider it is due to mixed operating performance with good top-line growth but less success on margins, earnings and cash flow.
JAMES DAWSON | CHARLES STANLEY
Pressure continues to be at the operating margin level and hence the risks to forecasts appear to be on the downside. Whilst operational efficiencies may well materialise once the expansionary and enhancement capex is complete, this may prove too early at present. Hold.