Cyprus Mail
BritainBusinessInternational

Primark owner sticks to forecast of lower profit in 2022-23

primark
A woman walks past a window display at a Primark store in Liverpool, Britain, September 15, 2021. REUTERS/Phil Noble

Associated British Foods (ABF.L) said trading at its Primark fashion retail business had made an “encouraging” start to the 2022-23 year as it reiterated a forecast that group profit would fall over the year.

In a statement published ahead of its annual shareholders’ meeting on Friday AB Foods, which also owns major sugar, grocery, agriculture and ingredients businesses, said it continued to expect significant growth in sales but with adjusted operating profit lower than the 2021-22 outcome.

Last month the group reported an adjusted operating profit of 1.44 billion pounds ($1.77 billion) for 2021-22.

“Our outlook for the full year is unchanged. We continue to expect further significant input cost inflation, but the volatility of our input costs has diminished,” said Chairman Michael McLintock.

Primark is on track to add 27 new stores in the current financial year, with six open so far, he said.

Shares in AB Foods have fallen 18 per cent so far this year.

($1 = 0.8155 pounds)

Follow the Cyprus Mail on Google News

Related Posts

Government employment increases by 5.2 per cent in January

Souzana Psara

Alpha Bank pledges commitment to Cyprus economy in meeting with president

Souzana Psara

Investment funds fueling sustainable growth in Cyprus, association says

Kyriacos Nicolaou

Google enables OS upgrades for older PCs post-Windows 10 support cutoff

Reuters News Service

Freedom Holding Corp. doubles quarterly earnings to $418.6 million

Kyriacos Nicolaou

Biden’s drive for EVs collides with Detroit’s profit machines

Reuters News Service