AB Foods hit by slowdown at Primark February 28, 2011 A SLOWDOWN at Primark’s British stores hit the shares of owner Associated British Foods (ABF) yesterday as tax rises and inflation squeezed consumer spending. The budget retailer’s like-for-like sales growth slowed to three per cent in its first half. Primark has been a star performer for the company but with materials like cotton spiralling in [...]
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 [...]
Primark “performing well” in tough market September 13, 2010 Clothing chain Primark has continued to perform strongly despite the tough consumer environment and expects annual sales growth of six per cent, owner Associated British Foods (ABF) said. The strength of sterling against the dollar helped the chain when goods were bought in the dollars because of a favourable exchange rate, the company said. However [...]
BEST OF THE BROKERS July 19, 2010 ASSOCIATED BRITISH FOODS Evolution Securities has downgraded Associated British Foods (ABF) from “buy” to “neutral”, as it sees limited upside to 2011 earnings and believes the gross margin pressures at its Primark unit is beginning to build. However, Evolution remains optimistic about the company’s long-term prospects. GREAT EASTERN ENERGY Arden Partners reiterates its “buy” rating [...]
Primark fuels sales rise at ABF July 8, 2010 PRIMARK owner Associated British Foods said third quarter sales rose 13 per cent and expected very strong growth in annual earnings, driven by its fashion discount retailer. The London-based food and retail group, giving a third quarter trading update for the 16 weeks to June 19, also said group revenue for the year so far, [...]
Primark and recovery boost AB Food outlook April 20, 2010 PRIMARK owner Associated British Foods said the global recovery was underway, prompting it to predict a “very good” rise in annual earnings after beating forecasts with half-year profits up 20 per cent. The London-based food and retail group reported strong momentum in many of its businesses around the world and even Britain showed signs of [...]
Primark profits rise by 18pc April 20, 2010 PRIMARK profits have rocketed by 18 per cent to £144m in the past six months, owner Associated British Foods (ABF) has said. Revenues rose 19 per cent to £1.26bn, with like-for-like sales – which do not include figures from new stores – going up by eight per cent. The chain, which has 196 European stores, [...]
Shareholders should hold tight February 22, 2010 TRADING updates don’t get more bullish than this. Associated British Foods yesterday said that first half profit would be “substantially higher” than last year in all divisions, with the exception of its agriculture business (even this is an anomaly, as grain prices were unusually high in 2009). That growth will continue in the second half, [...]
Primark fuels sales growth at Associated British Food February 22, 2010 PRIMARK growth has helped to fuel a predicted “substantial rise in profits” at parent company Associated British Food. The London-based group said in a trading update it expected a jump in half-year earnings and a strong full year. Its 196-strong discount chain Primark saw an 8 per cent rise in sales – with stores in [...]
BEST OF THE BROKERS January 17, 2010 ASSOCIATED BRITISH FOODS Evolution Securities has upgraded its target price to 950p on its “buy” recommendation of ABF. Despite a recent rally, Evo said the company “still looks compelling value” with earnings forecast at 66p. It said all three of ABF’s largest divisions (Primark, Grocery and Sugar) are firing on all cylinders, and expects further [...]