AB Foods profit to rise but Primark stalls February 28, 2011 Associated British Foods said it expects a rise in half-year operating profits despite a slowdown at its discount fashion retailer Primark and flat profits at its UK sugar operations. The London-based company said Primark’s like-for-like sales will be three per cent ahead while its operating profit margins will be lower reflecting a tax hike in [...]
BEST OF THE BROKERS January 23, 2011 ASSOCIATED BRITISH FOODS Deutsche Bank rates the consumer group “sell” with a target price of 950p. The broker has downgraded its earnings per share forecast by two per cent thanks to falling sugar yields after the snow and margin pressure in some divisions. It also warns that Primark’s sales growth is continuing its slow-down. MAN [...]
AB Foods set to hike prices as costs surge January 20, 2011 AB Foods warned yesterday that the spiralling price of wheat, cotton, and other commodities means that shoppers could face price hikes on basic shopping basket goods. The firm, which has brands including twinings Tea, Kingsmill bread and Silver Spoon sugar, said customers had already seen some rises and more were looming. Cost increases have also [...]
Primark fuels AB Foods sales rise January 20, 2011 Primark-owner Associated British Foods reported a ten per cent rise in first-quarter sales led by its discount fashion retailer and saw further growth ahead despite the effect of higher commodity costs. The London-based group, which markets Silver Spoon sugar, Twining tea and Ovaltine drinks, said on Thursday its 214 Primark store chain had traded well [...]
British Land pays £240m for Plymouth mall January 6, 2011 British Land, the second-biggest landlord by market value, has bought a mall in Plymouth for £240m to add to its growing retail portfolio. The 425,000 square feet Drake Circus shopping centre was bought at a net initial yield of six percent, with the potential for income growth through asset management, the real estate investment trust [...]
Nick heads to Argos before VAT bombshell January 4, 2011 PROOF that it pays to keep your eyes peeled, no matter where you are. A Capitalist source was in touch yesterday to mention a sterling spot he made while browsing Argos catalogues in his nearest store on Monday. Who should show up but Deputy Prime Minister Nick Clegg? But pray, what was the illustrious DPM [...]
New Look to raise prices as the cost of cotton rockets November 11, 2010 BUDGET retailer New Look yesterday warned that its prices would be hiked by up to eight per cent as the cost of cotton continued to surge. The company, which provides cut-price fashions to young shoppers, saw UK sales drop 4.5 per cent in the 26 weeks to 25 September. Chief executive Carl McPhail said price [...]
AB Foods hits £10bn but warns over price rises November 9, 2010 THE company behind clothes chain Primark and kitchen staples such as Kingsmill bread and Ovaltine yesterday reported that sales passed £10bn for the first time. Revenues at Associated British Foods (ABF) rose 10 per cent to £10.2bn in the 53 weeks to 18 September, while profits jumped 26 per cent to £825m. That allowed ABF [...]
FTSE lifted by healthy earnings November 9, 2010 BRITAIN’S leading shares closed higher yesterday, boosted by results from Barclays, Schroders and Associated British Foods. The FTSE 100 closed up 25.23 points, or 0.4 per cent, at 5,875.19, after closing down 0.4 per cent on Monday. The index is up 8.5 per cent this year and has jumped around 23 per cent since hitting [...]
Primark warns over rising cotton prices November 9, 2010 Primark owner Associated British Foods warned the sharp hike in cotton prices will hit margins at its discount fashion chain as it beat forecasts with a 25 per cent rise in full-year earnings. Chief executive George Weston said that Primark will not surrender its price leadership status in clothing and will take a hit to [...]