Home news Primark boosts AB Foods' profits

Primark boosts AB Foods' profits


Strong trading at Primark has allowed the owner of the discount clothing chain, Associated British Foods, to raise its full-year results outlook.AB Foods said its adjusted operating profit would be “well ahead of last year”, after Primark enjoyed good trading in the run-up to Easter.Primark’s like-for-like sales – which exclude new store openings – rose 1% over the full year.Despite the upbeat outlook, shares in AB Foods fell 1.3% in early trade.That made it one of the biggest fallers on the FTSE 100, although the UK’s benchmark share index was up 33.72 points at 7,411.32.In the FTSE 250 index, shares in troubled infrastructure firm Carillion fell 5% after it announced a number of management changes, including the departure of its chief financial officer, Zafar Khan.The company said Mr Khan would step down with immediate effect. He is being replaced by Emma Mercer, the finance director of its UK construction business.In July this year, shares in Carillion plunged after it issued a profit warning and announced the departure of its chief executive. The company took a £845m provision to cover payment problems on four of its construction contracts.On the currency markets, the pound was unchanged against the dollar at $1.3194 and up 0.1% against the euro at 1.0984 euros.
Source: BBC