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Primark owner AB Foods maintains earnings guidance
February 27, 2017 / 7:16 AM / 10 months ago

Primark owner AB Foods maintains earnings guidance

LONDON, Feb 27 (Reuters) - Associated British Foods maintained its full-year earnings guidance on Monday, with sales growth at its Primark discount fashion retailer supported by better performances in its sugar, grocery and ingredients businesses.

The firm said on Monday it still expected progress in adjusted operating profit and adjusted earnings per share in its 2016-17 year.

AB Foods made adjusted operating profit of 1.12 billion pounds ($1.39 billion) in 2015-16, with adjusted earnings per share of 106.2 pence.

For its half year to March 4 the group forecast “excellent progress” in adjusted operating profit and adjusted EPS.

It said first-half sales at Primark were expected to be 11 percent ahead of last year at constant currency, driven by increased retail selling space, and 21 percent ahead at actual exchange rates. ($1 = 0.8057 pounds) (Reporting by James Davey; editing by Kate Holton)

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