Associated British Foods (ABF), the parent of Primark, warned that it remains cautious amid inflationary pressures and fragile consumer sentiment. The company reported a 14% drop in adjusted pre‑tax profit to £1.46 billion for the year to 12 September, with Primark’s earnings falling about 11% and like‑for‑like sales decreasing 2.6%. Despite the slowdown, ABF confirmed its intention to spin off Primark in a stock‑market listing by December 2027, creating a stand‑alone food business. Primark’s overall sales rose 4% to £9.8 billion, helped by new stores in Europe, the United States and franchise outlets in the Middle East, although the challenging consumer environment limited growth. The group also noted modest gains in its grocery division, which grew 3% to £4.2 billion, and highlighted positive performance from its Twining tea business abroad, despite weaker UK and French demand. Sports nutrition and Ryvita saw double‑digit growth following restructuring. CEO George Weston said the company will keep a sharp focus on financial performance while navigating commodity costs, and that the upcoming demerger will position both entities for medium‑ and long‑term growth. #Primark #ABF #Retail #Inflation #ConsumerConfidence Fuente: The Standard
También lo cubren: Belfast Telegraph, The Standard.
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