Associated British Foods Anticipating ‘Excellent Progress’ Over Half Year
Associated British Foods has published a trading update, in which the maker of Ovaltine and Twinings Tea anticipates ‘excellent progress in adjusted operating profit and adjusted earnings per share for the group’ in the half year to 4 March 2017.
The group said its trading outlook for the year is ‘unchanged’, with ‘progress expected in adjusted operating profit and adjusted earnings per share’.
The Twinings Ovaltine business will post revenues ‘well ahead of last year’, the company said, with almost 80% of sales generated overseas.
Its Primark fashion business is expected to post a 11% increase year-on-year, for the period, and 21% higher at actual exchange rates.
A new store opening programme in the first half was described as ‘very strong’, with retail selling space increasing by 0.8 million square feet. The company expects to have opened 1.3 million square feet of new space by the end of the full financial year.
In addition, due to an continued global sugar deficit, its AB Sugar business will be ‘well ahead of last year on a comparable basis’, the company said.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.