Business Irish

Wednesday 27 August 2014

Penneys owner raises profit guidance after strong third quarter

Associated British Foods upbeat about performance

Published 10/07/2014 | 07:43

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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.

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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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