Associated British Foods, which owns the Primark retail brand as well as various food interests, has seen its group revenue from continuing operations rise 10% for the 16 weeks to 7 January.
In a trading statement, the group said that as a result of the ‘weakening of sterling in late summer last year, sales from continuing operations at actual exchange rates were strongly ahead with a 22% increase’.
Its Primark retail operation saw sales 11% up on the same period last year, driven by increased selling space. As last year was a 53 week year, sales on a comparable week basis at constant currency were 12% ahead and 23% ahead at actual exchange rates.
Its sugar operation, AB Sugar, saw revenue from continuing operations 22% ahead of last year on a comparable basis at constant exchange rates. At actual exchange rates revenue was 38% up on the same period last year.
AB Sugar noted that it is well positioned to take advantage of the fact that 2016/17 is ‘forecast to be a second year of global sugar deficit’.
Elsewhere, its Twinings tea brand ‘continued to achieve strong sales growth’, while Ovaltine ‘performed well in Asia’.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.
