 saw shares fall over 1 percent on Monday, despite its Primark business showing strong results for he full year to Sept){kind=link}
Associated British Foods (LON:ABF) saw shares fall over 1 percent on Monday, despite its Primark business showing strong results for the full year to September.
The group said it expected to report good growth in adjusted operating profit and earnings per share for the year, with an improvement in the group’s previous expectation for full year underlying operating profit.
It said performance at Primark was “well ahead of last year”, after the chain enjoyed good trading in the run-up to Easter. Like-for-like sales, excluding new store openings, rose 1 percent over the full year.
Primark’s full-year operating profit margin was forecast to be better than the first half’s 10 percent, ahead of previous guidance. AB Foods expects to end the year with net cash of 650 million pounds compared with net debt of 315 million pounds in the previous year.
griculture profit in the year to 16 September are expected to be lower than last year due to strong competition
Despite the strong results, shares in AB Foods are currently trading down 1.91 percent at 3,208.00 (1006GMT).