Primark-owner Associated British Foods on Tuesday reported a 3% fall in first-half profit and kept its guidance for a flat outcome for the full year, staying cautious about the resilience of consumer spending in an economic downturn.
A Primark store is pictured in the Bullring shopping centre, after new nationwide restrictions were announced during the coronavirus disease outbreak in Birmingham, Britain, November 4, 2020. REUTERS/Andrew BoyersExpects full-year outcome in line with 2021-22LONDON, April 25 - Primark-owner Associated British Foods
The group, which also owns major sugar, grocery and ingredients businesses, said adjusted operating profit, its key profit measure, was 684 million pounds in the six months to March 4, on revenue up 21% to 9.56 billion pounds. The group said it was focused on passing on some of its higher raw material costs to customers, although it noted that inflation had become less volatile, with the price of some ingredients starting to ease.
Full-year profit in the grocery business, which includes the Twinings tea, Jordans cereals and Ovaltine drinks brands, was forecast to be ahead of the previous year, benefiting from price rises and cost savings.
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