Saturday 28 February 2015

Penneys owner raises profit guidance after strong third quarter

Associated British Foods upbeat about performance

Published 10/07/2014 | 07:43

Associated British Foods raised its annual earnings guidance after a strong third-quarter performance from its Primark discount fashion chain and progress in its ingredients business more than offset weakness in its sugar operations.

The company's Primark brand trades as Penneys here.

The firm said today it now expected adjusted earnings per share for the 2013-14 year to be ahead of the 98.9p made in 2012-13. Previously it had forecast a similar outcome.

AB Foods said group revenue from continuing operations for the 40 weeks to June 21 was 2 percent below the same period last year but 2pc ahead at constant currency.

It said the likely negative impact on full-year adjusted EPS arising from currency translation, if current exchange rates prevail, would be about £50m.

Reuters

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