Primark owner Associated British Foods ‘dodging most economic bullets’ as outlook improves ABF Primark owner Associated British Foods has upped its outlook for the full year after reporting a jump in sales at the budget fashion chain as consumer spending held up better than expected. The group said sales at the retailer, which has 419 stores, are set to rise by 16 per cent at actual exchange rates [...]
Twinings owner Associated British Foods boosted amid cost of living crunch LOW-COST RETAILER Primark owner Associated British Foods (ABF) has said its food business will fair better this year than the last, as it faces the UK’s economic downturn with low-cost offerings. At its annual general meeting today, chairman, Michael McLintock is expected to keep the group’s full year outlook unchanged, as many businesses in the country nudge [...]
Primark owner takes £1bn extra inflation hit amid ‘most challenging’ economy for many years HIGH ST Primark owner Associated British Foods (ABF) saw inflationary costs leap by £1bn this year alone, as it weathers “highly volatile” economic conditions and hopes to retain shoppers with its low prices. The chairman of the fashion and food business, Michael McLintock, said ABF had “encountered the most challenging economic conditions for many years with sharply [...]
Primark profit margins to be hit by high energy costs and shoppers’ budget worries September 8, 2022 Primark owner Associated British Foods said it expects the retailer’s profit margins to take a hit next year due to rising energy costs. In a trading update on Thursday morning, the retailer said it anticipated Primark’s profit margin to be lower than expected as the budget-chain has opted to limit further price hikes. ABF acknowledged [...]
Primark owner poaches Marks & Spencer director for top finance job July 21, 2022 Primark owner Associated British Foods has nabbed Marks & Spencer’s CFO Eoin Tonge for its top finance job. Associated British Foods said that its current finance director John Bason will step down from the board, with Tonge stepping into his shoes no later than February 2023. Tonge also holds the position of chief strategy officer [...]
The power of summer: Primark sales inch above pre-pandemic levels June 20, 2022 The owner of Primark has put recovering sales down to the power of summer, tourism and the march back to the office. Associate British Foods (ABF), which owns sugar ad agriculture businesses alongside the budget retailer, said sales over the past six months were four per cent higher than pre-pandemic levels, though they remain around [...]
Primark to introduce ‘selective’ price increases to offset pressures April 26, 2022 The owner of Primark has said it will be forced to raise prices on “selective” products in its autumn/winter ranges and issued a margin outlook warning. Associated British Foods (ABF) said its half-year sales and operating profit for the group returned to pre-Covid levels, in interim results for the 24 weeks ended 5 March 2022. [...]
Primark launches ‘virtual shop window’ but shoppers still can’t buy clothes online April 7, 2022 Primark has launched a new website – but shoppers still can’t buy anything online. The budget fashion retailer said its new site is a “virtual shop window,” and will allow customers to look at product information and check whether an item is in stock at their local shop. The high street name has stood out [...]
ABF pins ‘lower than expected sales’ at Primark on summer pingdemic September 13, 2021 Sales at Primark, a subsidiary of Associated British Foods, have dipped below expectations in the last year, as Gen Z shoppers move away from fast fashion brands. In its pre-close trading update for the full year to 18 September, Associated British Foods (ABF) said: “We have seen a significant improvement in trading as the period [...]
I’m not leaving this sofa: Takeaway orders soar during England goal-feast July 6, 2021 Football fans made over one million orders on JustEat over the course of Saturday evening as England waltzed past Ukraine in Rome. The match kicking off in the primetime slot of 8pm on a balmy Saturday evening encouraged 2,500 orders being placed per minute. The most popular order was burgers, followed by pizza. While the [...]