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Associated British Foods Q3 underlying performance ahead of its expectation

Staff Writer | July 7, 2016
Associated British Foods reported that the underlying operating performance of the group during the third quarter was ahead of its expectation, with an improvement in sugar business.
Associated British Foods
Associated British Foods   Group revenue was 3% ahead of the same period last year
The group said its outlook for the current financial year has improved and Associated British Foods no longer expects a decline in adjusted earnings per share for the group for the full year.

Group revenue for the 40 weeks ended June 18, 2016 was 3% ahead of the same period last year at constant currency and 1% ahead at actual exchange rates. This reflects growth in the third quarter of 4% at constant currency and 7% at actual exchange rates.

Sales at Primark in the year to date were 7% ahead of last year at constant currency driven by increased retail selling space.

Sales at actual rates in the quarter benefited from sterling weakness and so, cumulatively, are now 7% ahead. Like-for-like sales in the last 16 weeks were adversely affected by unpredictable weather patterns.