AB Foods hit as Primark growth slows February 27, 2012 SHARES in Primark-owner Associated British Foods dipped yesterday despite an upbeat outlook from the firm, after it admitted sales growth at its discount fashion cash cow had slowed in recent months. The company said it expected like-for-like sales at Primark to have grown by two per cent in the first six months of its financial [...]
ANALYST VIEWS: WHAT’S THE OUTLOOK FOR AB FOODS? February 27, 2012 DARREN SHIRLEY | SHORE CAP We do not anticipate any material changes to group forecasts post today’s update, though given the breadth of ABF’s operations we would not be surprised if we tweak divisional forecasts post speaking to management. We commenced 2012 with ABF our preferred stock of the FTSE 100 food producers … we [...]
Primark fuels AB Foods profits February 27, 2012 Primark-owner Associated British Foods expects growth in its half year profits to be driven by its discount fashion chain, which has gained as under-pressure British shoppers seek out bargain prices, and by a strong performance from sugar. Western European shoppers have cut back on spending as unemployment has risen and wage rises stagnate, but Primark [...]
THE WEEK AHEAD February 26, 2012 Today A diverse group of FTSE 100 reporters will kick off a busy week in the corporate calendar this morning, with banking giant HSBC likely to be top of many investors’ watch list. Analysts are expecting the bank’s geographical diversity to offset any potential weakness in it investment banking division, with profits expected to hit [...]
Banks hit by latest ratings blow February 16, 2012 The FTSE 100 fell this morning with the banking sector pegging back the index as Moody’s threatened to downgrade 17 banks and securities firms and the Greece bailout hit yet more hurdles. The ratings agency said it might cut the long-term credit rating of UBS, Credit Suisse and Morgan Stanley by as much as three [...]
FTSE rally loses steam as energy stocks dip January 20, 2012 The FTSE 100 edged down this morning as energy and resource stocks pinned the market back after solid gains over the week. Greece and its private bondholders resumed debt swap talks today amid signs they are edging towards the deal needed to prevent a chaotic default by Athens. That helped to give financial stocks a [...]
Primark helps AB Foods lift its revenues January 19, 2012 DISCOUNT fashion chain Primark hailed strong sales during the festive period, helping its parent company Associated British Foods (ABF) post a rise in first quarter revenue. The FTSE 100 company, which also owns brands including Silver Spoon sugar and Twinings tea, said a 16 per cent growth in sales at Primark helped boost group revenues [...]
ANALYST VIEWS: IS ASSOCIATED BRITISH FOODS ON TRACK? January 19, 2012 GRAHAM JONES | PANMURE GORDON Associated British Food is our top large-cap pick for 2012, and believe this statement supports our thesis of strong earnings per share growth this year, albeit second-half weighted. We strongly reiterate our “buy” recommendation. MARTIN DEBOO | INVESTEC This felt like a decent quarter to us, with Primark and Sugars [...]
AB Foods sales surge fuelled by Primark January 19, 2012 Associated British Foods has reported a 12 per cent lift rise in total sales in the 16 weeks to 7 January, thanks to “exceptional” performances at its sugar division and at discount fashion chain Primark. The group said higher prices and higher production levels meant that total revenues from sugar rose 21 per cent, while [...]
FTSE rally ends as investors eye Eurozone bond auctions January 11, 2012 The rally on the FTSE 100 yesterday stalled in early trading today as concerns over upcoming Eurozone bond auctions and slightly weaker commodity stocks took their toll. Heavyweight miners failed to keep up the gains made yesterday which were fuelled by positive data from China showing the country’s demand for metals had risen. Wall Street [...]