AB Foods says Primark will increase profits despite bigger lockdown losses
Trading across the grocery, sugar, ingredients and agriculture divisions has also been ahead of both last year and market expectations
Company
Associated British Foods PLC
LON:ABF
Associated British Foods is a diversified international food, ingredients and retail group with sales of £10.2 billion and 97,000 employees in 44 countries.
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AB Foods determined to keep Primark offline even through new lockdowns
The conglomerate estimated a cash burn of £375mln from the new round of closures
AB Foods upbeat on Primark’s future despite closures
The clothing retailer is expected to have lost £2bn of sales and some £650mln of profit as a result of COVID-19 in the financial year to mid-September
Hardware & electrical equipment
US election will dominate Tuesday news, investors eye AB Foods dividend record
Associated British Foods will release its full-year results a day after putting out an update on the expected impact of a new UK lockdown
AB Foods expects £375mln cash burn from Primark temporary closures
As of Monday, all the fast-fashion sites in the Republic of Ireland, France, Belgium, Wales, Catalonia in Spain and Slovenia are temporarily closed, which represent 19% of the FTSE 100 group’s total retail selling space
AB Foods is well set up for a socially distanced world despite Primark's online absence
“At a time when other major clothing retailers are restructuring and closing down huge numbers of bricks and mortar stores, Primark’s growth in footprint is remarkable,” said one analyst
AB Foods reports bigger cash pile as Primark proves popular post-lockdown
Grocery profits were also “significantly ahead”, helped by growth from Twinings tea, Silver Spoon sugar, Jordans cereals and Acetum balsamic vinegar
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FTSE 100 closes convincingly higher as Brexit worries send pound plunging
Britain's index of leading shares finished the first day of the trading week up around 138 points, or 2.39%, at 5,937
Retailers, computer games designers and industrial pandemic trends to the fore in coming week
Updates and results in the week are expected from AB Foods, Morrisons, JD Sports, Fevertree Drinks, Frontier Developments, Team17 and Computaceter - plus US names such as Slack and Peleton
AB Foods' Primark potential underestimated, says RBC Capital Markets
Cashflow is expected to improve due to lower capital expenditure and working capital intensity
Associated British Foods’ Primark is set to play catch-up says RBC
“Our latest apparel pricing survey shows Primark is maintaining its price leadership," said Chamberlain.
AB Foods’ Primark, John Lewis turn down government furlough bonus, pubs welcome it
The discount clothing chain put around 30,000 UK workers on furlough during the lockdown, which forced the closure of all of its stores
AB Foods upped to sector perform as RBC predicts stronger Primark recovery
The Canadian bank said Primark’s low prices “should position it well in a consumer downturn and protect it from online competition”
AB Foods rating cut to ‘neutral’ from ‘buy’ by Goldman Sachs on valuation grounds after update
The US investment bank’s analysts pointed out that Primark's revenue decline of 75% in the third-quarter was less than their forecast
AB Foods' Primark benefits from cheap offering but should consider online presence, analysts say
Analysts were impressed by the post-reopening results and see it as a defensive stock, but Primark still operates from bricks-and-mortar stores only
AB Foods quarterly sales fall 39% as Primark goes into and out of lockdown
Primark sales were down 75% over the quarter as a whole but for the latter seven weeks sales were down just 12% on a like-for-like basis
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FTSE 100 finishes higher as sentiment boosted by strong US jobs report
Britain's blue-chip benchmark finished up over 82 points at 6,240 on Thursday
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US June non-farm payrolls to arrive a day early ahead of Independence Day long weekend
Thursday's corporate diary is fairly quiet, though trading updates from AB Foods and Meggitt will be keenly eyed, plus finals from DS Smith
Sex, rugs and Aston Villa: Britain’s push for ‘new normal’ set to jolt non-essential business into action
Sleepovers for singles, the reopening of John Lewis (also Greggs and Primark) along with Premier League football behind closed doors may be iconic markers towards a 'new normal' which may or may not provide stimulus for stock market investo
AB Foods' Primark reopens on June 15 but many retailers yet to announce their plans
All non-essential retailers in England are allowed to resume trading in shops as of 15 June