Associated British Foods to reopen all Primark stores in England on June 15
By that date, shops accounting for 79% of the fast-fashion chain's selling space will be operational
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.
479 stories · page 11 of 24
Focus on retail survivors when shops reopen on 15 June, says top analyst
Analysts expect a boost to the economy as people come out of furlough and shoppers are encouraged by clearance sales
AB Foods downgraded to 'neutral' by Redburn, estimates chopped for Primark stores' issues
The well-respected broker's analysts pointed out that the absence of an online capability for Primark combined with a store-based model premised on volume is challenging even once stores reopen
Profound changes to retail outlook sparks unlikely share picks for Morgan Stanley
Boohoo, Dunelm and Superdry are among retailers that “could get into financial difficulties” in a scenario where there is a second lockdown over Christmas, no vaccine and high unemployment for the next two years
Cannabis legalisation will be a likely response to the UK’s upcoming desperation for tax revenue, with concomitant opportunities for investors
Several US states have been generating significant tax income from legal cannabis
AB Foods cancels dividend but says it has 'ample cash' to deal with coronavirus challenges
As at the date of these results, the group has available central cash on hand of £1.5bn, while Primark's cash burn is now around £100mln a month
AB Foods' Primark agrees to pay £370mln for cancelled orders
The fast-fashion firm sparked controversy last month when it refused to pay for items already made and shipped by producers in Asia
LSE, AB Foods and unemployment claims in focus on Tuesday
Over in the US, earnings season is kicking in, with Netflix, Coca-Cola, SAP, Philip Morris, Lockheed Martin, Texas Instruments all reporting
Archive
FTSE 100 closes higher as traders eye potential 'reopening' of global economies
Britain's index of blue-chip shares finished up nearly 26 points at 5,812 on the first day of the new week
Archive
Primark owner AB Foods, LSE, Boohoo and Unilever among key updates for coming week
Next week's news on the macro front will include UK inflation and unemployment data, potentially providing clarity on the economic impact of the coronavirus pandemic
Primark owner AB Foods downgraded as retail reboot is set to favour youth
All London-listed retail is seen to have sufficient liquidity to reach September, but, according to Citi the recovery will skew towards younger consumers.
Associated British Foods warns on profits, cuts top executives’ salaries as Primark hard hit by coronavirus pandemic
The clothing retailer has had to close all its outlets following governmental guidelines, causing an expected net £650mln in lost income per month
AB Foods says Primark shutdowns will cost £650mln in sales per month
All its Primark outlets in the UK were closed from Sunday
ABF's Primark profits "could fall 40%" in event of coronavirus lockdown
Analysts at UBS said the conglomerate structure of the FTSE 100-listed firm is likely to shield profits
AB Foods says Primark hit hard by shut down in Europe, with UK sales now faltering
Stores have been closed in France, Spain and Austria
AB Foods slips as it forecasts Primark profit squeeze, coronavirus hits other divisions
The firm said it did not expect any short-term impact from the outbreak on Primark due to stockpiling ahead of Chinese new year, although a number of factories from its other businesses in the country were operating at reduced capacity
Archive
FTSE 100 tanks 3% as pandemic fears are heightened
Britain's blue chip benchmark closed down over 247 points at 7,156. The FTSE 250 shed over 670 points at 21,109
RBC Capital trims AB Foods to ‘sector perform’ from ‘outperform’ as it feels valuation is “up with events”
It also said: "Primark's lack of a transactional e-com offer is likely to constrain its long-term profit pool and implied multiple”
How good was Primark's Xmas compared to high street fashion rivals?
“What’s most striking about Primark is it’s essentially an old school retailer”, though some analysts raised the issue of sustainability as becoming a threat to some retailers
Primark's Xmas sales dip but AB Foods enjoys sugar rush
Primark grabbed a larger share of the UK clothing market as sales fell much less than rivals