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AB Foods 3Q Revenue Jumped as Primark Stores Reopened

By Matteo Castia

 

Associated British Foods PLC said Thursday that revenue in the third quarter of fiscal 2021 increased significantly, driven by store reopenings at its Primark retail business, but that it still expects full-year adjusted earnings per share to fall.

The British conglomerate said revenue in the 16 weeks ended June 19 rose 47% year-on-year to 3.65 billion pounds ($5.05 billion). This was driven by more-than-trebled Primark sales in the period amid the reopening of stores in the U.K.

On a 40-week basis, revenue was down 2% on the year to GBP9.96 billion.

The FTSE 100 company said it expects full-year adjusted operating profit to rise at its sugar business and to fall at its grocery division. Meanwhile, Primark's full-year sales and adjusted operating profit are forecast to be in line with the prior year, it said.

"We expect these improvements in our outlook to result in adjusted earnings per share for the group reaching a level below last year, only reflecting the charge for repayment of the job retention scheme monies and the higher year-on-year adjusted effective tax rate," AB Foods said.

 

Write to Matteo Castia at matteo.castia@dowjones.com

 

(END) Dow Jones Newswires

July 01, 2021 02:36 ET (06:36 GMT)

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