Skip to main content

AB Foods sees first half ‘strongly ahead’ of prior year on improved Primark

// AB Foods said Primark sales for the 24 weeks to March 5 were expected to be well over 60% ahead of last year
// AB Foods outlook for the full year was unchanged with “significant progress” expected in both adjusted operating profit and adjusted earnings per share

Associated British Foods has reported that its first-half sales and adjusted operating profit are “strongly ahead” of the previous year and ahead of pre-COVID 19 levels, reflecting an improved performance from its Primark fashion business.

Sales at value fashion giant Primark surged 60% year on year in its first half – when stores remained open, in contrast to Covid closures the previous year.

The better outcome reflected all Primark stores remaining open and trading throughout the period except for short periods in Austria and The Netherlands.

READ MORE: 

AB Foods said the effect of inflation on raw materials and the supply chain in Primark in the first half was broadly mitigated by a reduction in store operating costs and overheads.

Back in January the group revealed it would not raise prices for spring/summer.

The group also owns major sugar, grocery, ingredients and agricultural businesses and said all its food businesses had experienced increasing inflationary pressures in raw materials, commodities, supply chain and energy.

It has taken steps to offset these higher input costs through operational cost savings and where necessary but cautioned that actions on price inevitably lag input cost inflation.

As a result, it expects some margin reduction in these three businesses at the half year but expects a recovery by the financial year-end.

AB Foods outlook for the full year was unchanged with “significant progress” expected in both adjusted operating profit and adjusted earnings per share.

Click here to sign up to Retail Gazette‘s free daily email newsletter

The post AB Foods sees first half ‘strongly ahead’ of prior year on improved Primark appeared first on Retail Gazette.



from Retail Gazette https://ift.tt/09NS6gR
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp...
68 comments
Read more

Coronavirus Recovery: Canadian Small Businesses Must Focus on Easing Employee, Customer Fears

By M. Tina Dacin and Laura Rees A small business has been  given the green light to reopen amid the COVID-19 pandemic . What does it need to consider for employees and customers? Small business owners are reorganizing physical space to account for continued distancing requirements and rethinking supply chains to deliver products and services in new ways to meet changing demand patterns. But they must not forget the hearts and minds of employees and customers. That doesn’t mean replacing a focus on the bottom line, but it helps address the need for a new set of expectations and ways of communicating in terms of product or service offerings, delivery methods and real-time feedback. Based on our expertise in organizational behaviour and past research we’ve conducted, we provide a set of recommendations to help small businesses thrive in our new COVID-19 economy by looking after the hearts and minds of the people most important to businesses — employees and customers. Fear, Anxi...
1 comment
Read more

World's 1st Pizza Subscription Service Launches in Toronto

general assembly subscription user opening delivery box of pizza. photo: general assembly pizza By Mario Toneguzzi Toronto-based General Assembly Pizza has launched what it describes as the world’s first pizza subscription service as it also plans to aggressively expand its product offering in the near future by opening a new concept in the market. "Since opening our doors in 2017, we have pushed for the best guest-experience possible — that's why our dough is 100 percent naturally leavened, that's why we have a purpose-built 400-square-foot pick-up and delivery area, and that's why we’ve launched a direct-to-consumer subscription-based ecommerce platform,” said Founder & CEO Ali Khan Lalani. “In 2020, providing the best guest experience means General Assembly Pizza has to be more than a restaurant. I'm proud to say that after almost six months of planning, many roadblocks, and countless pivots — all while maintaining our day-to-day restaurant operatio...
1 comment
Read more