Summary
Value store Primark is expected to deliver 'excellent results', propping up Associated British Foods' (ABF) otherwise weak performance elsewhere tomorrow as the group unveils its numbers for the six months to February 28. Adjusted profits are expected to be lower than in 2007 while the grocery division is expected to record a decline. Headline profits will also be hit by a substantial loss on disposal of businesses. And while the sugar division has done well in the EU and Africa, profitability in China was reduced by lower sugar prices.
The silver lining for ABF is certainly Primark, which recorded a five per cent increase in like for like sales in the first half. Primark now operates from 187 stores and expects to open a further seven stores in the second half. Group sales for the year to August 2009 are forecast to come in at pounds9.3 billion rising to pounds9.8 billion the following year.See the full content of this document
Extract
Week in the Market
Supermarket giant Tesco will release its results for the year to February 28 tomorrow. The group published an upbeat trading u...
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