IN BRIEF: AB Foods confirms revenue flat, Primark down like-for-like
Associated British Foods PLC - London-based food processing and clothing retailing business - Issues a trading update for the 16 weeks to January 3. Revenue is "in line" with the previous year at actual currency, totalling GBP6.76 billion, but is down 0.9% at constant currency. This compares to the 1% rise at actual currency and 1% fall at constant currency estimated earlier this month. Retail revenue increases 4.2% or 1.5% at constant currency to GBP3.50 billion, while grocery revenue is flat at GBP1.39 billion, or up 0.7% at constant rates. Revenue is GBP667 million from Ingredients, down 2.9% at actual rates, GBP675 million from Sugar, down 4.3%, and GBP521 million from Agriculture, down 4.1%. At retailer Primark, sales decline by 2.7% on a like-for-like basis but rise 1% in total. UK & Ireland total sales are up 2%, but sales in Europe are down 1%. US sales are up 12%. Read More