AB Foods 1st Half Profit Soared; Primark to Raise Prices to Tackle Inflation Effects
26 Abril 2022 - 4:11AM
Dow Jones News
By Sabela Ojea
Associated British Foods PLC reported Tuesday a significant rise
in adjusted operating profit for the first half of fiscal 2022,
ahead of prepandemic levels as expected, and said that Primark will
raise prices to tackle the effects of inflation.
The British conglomerate posted an adjusted operating profit for
the 24 weeks ended March 5 of 706 million pounds ($899.5 million)
compared with GBP368 million for the year-earlier period. Primark's
adjusted operating profit increased to GBP414 million from GBP43
million for the prior year.
The FTSE 100 listed company's revenue rose to GBP7.88 million
from GBP6.31 billion for the year-earlier period. Primark sales
rose 59% to GBP3.54 billion.
The company said Primark benefited from a strong sales recovery
in U.K. and Ireland, as well as from positive trading across the
U.S. However, it said consumer footfall in continental Europe
remained weak.
The company's food businesses saw a decline in profit, but
remained resilient, and its sugar division had another strong
performance, with a rise in profit, AB Foods said.
"With increasing inflationary pressure and dollar strengthening,
we will implement selective price increases across some of our
autumn/winter stock," it said in relation to Primark. Primark's
adjusted operating profit margin stood at 11.7%, in line with
views.
The board declared an interim dividend of 13.8 pence a share, up
from 6.2 pence for the year-earlier period.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
April 26, 2022 02:56 ET (06:56 GMT)
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