ANALYST VIEWS: IS AB FOODS PERFORMING WELL IN TOUGH MARKETS? September 12, 2011 GRAHAM JONES | PANMURE GORDON 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 [...]
AB Foods reports flat earnings September 12, 2011 Primark-owner Associated British Foods said it is on track to deliver flat annual earnings on Monday with better than expected sugar profits helping to offset lower than forecast margins at its discount fashion chain. The food and retail group said it expected Primark’s annual like-for-like sales to rise three per cent after a similar rise [...]
Family businesses see sales hike August 17, 2011 THE economy may be weighed down by high inflation and unemployment but family owned businesses appear to be weathering the storm. The top 10 family owned firms all increased their sales in the last year. Total sales for the UK’s biggest family-owned businesses rose 10.2 per cent to £35.5bn, driven by a strong performance from the [...]
FTSE steadied by Greek breakthrough July 21, 2011 The FTSE 100 started solidly this morning as it emerged that France and Germany had reached an agreement on a second bailout for Greece. Banks led the way as investors gained confidence in stocks recently buffeted by fears of exposure to the debt crisis which has engulfed the Eurozone. Leaders of the 16-country bloc will [...]
Land Securities to start £275m of retail projects July 17, 2011 LAND Securities is close to starting work on a number of shopping development projects worth £275m, despite tough economic conditions still facing the retail sector. Britain’s biggest property company has lined up seven new projects in south-east England and the Midlands for retailers including Tesco and Primark, that together will create more than 1,000 jobs [...]
AB Foods boosted by sales at Primark July 14, 2011 ASSOCIATED British Foods said yesterday said it was on track to meet its full-year earnings targets as its budget clothing chain Primark helped to shore up its profit. AB Foods, whose brands include Silver Spoon sugar, Mazola vegetable oil, Ovaltine drinks and Twinings tea, cut its full-year earnings forecast to a flat out-turn in April. [...]
ANALYST VIEWS: HOW WELL IS AB FOODS MANAGING RISING COSTS? July 14, 2011 ANDREW WOOD | BERNSTEIN Slowing results have seen a poor stock performance. While the management update may drive a relief rally that guidance was not reduced, we see little justification for a sustained rally in the stock. GRAHAM JONES | PANMURE We remain bullish about the opportunity for Primark to continue its roll-out in Iberia, [...]
Primark shores up ABF earnings July 14, 2011 Associated British Foods remains on track to deliver flat earnings this financial year as rising sales at its Primark discount clothing chain offset pressure on profit margins from higher cotton prices. The food and retail group, which markets Silver Spoon sugar, Mazola vegetable oil, Ovaltine drinks and Twining tea, said on Thursday sales from continuing [...]
M&S margins in squeeze July 10, 2011 MARKS & SPENCER gives a first quarter trading update this week, with analysts predicting pressure on margins after the retailer launched its earliest ever summer sale. Chief executive Marc Bolland is overhauling the retailer with a plan aimed at improving web sales and bringing in hundreds of new food lines. Keith Bowman at Hargreaves Lansdown [...]
BEST OF THE BROKERS July 6, 2011 ASSOCIATED BRITISH FOODS Deutsche Bank rates the food-to-fashion conglomerate as a “hold” and raises its target price from 950p to 1,050p, seeing extremely favourable dynamics in European sugar as likely to keep prices high and generate a major windfall for the group. The broker upgrades its 2011-12 earnings per share forecast by £70m or around [...]