Warm weather boosts Primark as it buys Pavilions shopping mall July 10, 2014 Associated British Food (ABF) said yesterday that Primark’s acquisition of Pavilions shopping centre in Birmingham to house a four-floor store was “an exception to the rule” as it posted a fresh set of soaring sales. Finance director John Bason said the deal would pave the way for a 150,000 square feet store in around two [...]
Associated British Foods adjusts earnings guidance as Primark profits rise July 10, 2014 Associated British Foods (ABF) has raised its annual earnings guidance after a 22 per cent rise in sales from its budget fashion brand Primark offset the continued weakness of the sugar market. ABF now said it expected its adjusted earnings per share to be above the 98.9 pence paid in 2012-13. Previous guidance had indicated [...]
Dorset Cereals sold for £50m June 4, 2014 ASSOCIATED British Foods (ABF), owner of high street retailer Primark, has reportedly secured a £50m deal to take over Dorset Cereals. Dorset Cereals is currently owned by Wellness Foods, which also owns Rowse Honey, and according to Sky News the bidding attracted interest from Kellogg and Weetabix. ABF made the deal through its Jordans & [...]
Primark set to launch its first stores in the US April 23, 2014 ASSOCIATED British Foods (ABF) is taking Primark to the US, the FTSE 100 conglomerate announced yesterday, as it reported a 26 per cent leap in the budget clothing chain’s profits. Primark is set to open a 70,000 square foot store in Boston in 2015 and it is also in talks to open a further eight [...]
Primark to lift profit at AB Foods April 21, 2014 ASSOCIATED British Foods’ (ABF) booming high street chain Primark is expected to reveal a 21 per cent jump in first half operating profits this week, helping to offset falling profits at its troubled sugar business. The FTSE 100 owner Twinings tea and Kingsmill bread, which will report its half year results tomorrow, guided in February [...]
London Report: FTSE slumps to a two-week low as Sports Direct falls April 8, 2014 THE UK’S blue chip share index hit a two-week low yesterday, with Sports Direct leading losses after a share sale by founder Mike Ashley and technicals pointing to a bearish market outlook in the near term. Sports Direct, Britain’s biggest sporting goods retailer, slumped 9.2 per cent after Ashley sold 25m shares, while financial stocks [...]
Best of the Brokers for 11 March 2014 March 10, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com ASSOCIATED BRITISH FOODS UBS hails the retail and sugar group as a “buy” and raises its target from 2,890p to 3,300p. The broker thinks Primark is still at an early stage of its growth trajectory and believes the fashion business alone is worth [...]
Stellar Primark growth offsets falling sugar sales at AB Foods February 24, 2014 ASSOCIATED British Foods (ABF) said yesterday that first half profits will be in line with forecasts after a standout performance at its clothing chain Primark helped offset falling profits at its sugar business. Sales at Primark, which launched its first two stores in France in the period, were up 13 per cent, driven by new [...]
What you need to know before the open February 24, 2014 European markets are expected marginally lower this morning, following Asian counterparts, which were left unsatisfied by the G20’s commitment of an extra $2 trillion in output over the next five years. The UK market posted its third successive gain last week, but things in the rest of Europe and the US weren’t as positive, following [...]
Fortnum & Mason owners take home windfall £91m dividend February 10, 2014 THE CANADIAN owners of Fortnum & Mason and Associated British Foods took home £91m in dividends last year after a strong performance across its investments. Accounts filed recently on Companies House reveal that Wittington Investments, one of the main investment vehicles of the Weston Family, paid out £53m in the year to 14 September compared [...]