AB Foods expects much improved profits in coming year as Primark rebounds strongly
The fast-fashion retailer is estimated to claw back at least the estimated £2bn of sales lost due to store closures last financial year
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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FTSE 100 closes in the red as Wall Street beats an early retreat
At the close, the UK blue-chip index was 26.36 points, or 0.4% lower at 7,274.04, above the session low of 7,268.79, but well below the day’s peak of 7,314.13
Primark owner Associated British Foods heavily oversold, reckons leading American brokerage
The folks at Jefferies say the City's price-setters have such a downer on ABF that they’ve somewhat overdone the gloom
AB Foods to invest in Primark’s digital strategy but online shop still not on the cards
Some analysts reckon the extra investment is a hint that an e-commerce platform will be on its way
AB Foods upgrades profits as Primark spends less on labour costs
The fast-fashion retailer has fewer staff, which is resulting in higher profit margin even though sales dropped
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FTSE 100 ends higher on buoyant oil stocks
FTSE finished the day 41 points, or 0.6%, higher at 7,070
Gap’s departure from high street shows it’s hard to keep up with Primark
While Gap will operate in the UK and Ireland as an online-only business, Primark is unlikely to establish an e-commerce platform given its success in stores
AB Foods raises full-year expectations after Primark reopening delivers strong performance
Quarterly sales at the fast-fashion designer were above last year's and the previous year's levels
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FTSE 100 ends weaker, near session low as travel, energy stocks fall back
At the close, the UK blue-chip index was down 63.10 points, or nearly 0.9% at 7,072.97, just fractionally above the session low of 7,071.95
AB Foods stays cautious on outlook but analysts are bullish on Primark prospects
Tuesday's dip may be due to profit-taking after a strong run recently
AB Foods says Primark delivers record sales after reopening but second half to be softer for wider group
The Grocery, Sugar, Agriculture and Ingredients segments will normalise after an exceptional interim performance
Netflix and churn, Primark's reopening and copper mining in focus on Tuesday
The day's agenda also includes trading statements from Avast, Moneysupermarket.com and Petra Diamonds, along with an update on UK unemployment numbers
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Primark owner AB Foods to report results in coming week alongside updates from miners, Taylor Wimpey and Domino’s Pizza
Other firms in the diary for the week include Moneysupermarket and Rentokil, while over the US earnings season will pick up the pace with numbers from Netflix, Intel, Johnson & Johnson and others
UK retailers to benefit from ‘staycation’ trends but normality still far away, says broker
Working from home practices and social distancing measures are expected to weigh on sales
Shoppers queue outside AB Foods' Primark on first day of reopening despite bad weather
As expected, shoppers were queuing outside of several Primark sites across the country, while pubs with 24-hour licences opened at midnight
Associated British Foods expects £1.1bn interim sales loss from Primark closures
The clothier said 83% of its retail selling space should be trading by April 26
Norwegian wealth fund pushes for more gender diversity on portfolio companies’ boards
“Diversity is good for the board because it brings better perspective, it is better for decision-making and increasingly important for the legitimacy of companies"
AB Foods keeps Primark offline while rivals boohoo, ASOS post strong lockdown sales
The fast-fashion retailer will not set up an e-commerce platform despite the current closures are racking up losses
AB Foods expects £1bn loss if Primark closures continue to next month
The fast-fashion retailer does not have an e-commerce platform so cannot compensate for the lack of sales during lockdown
AB Foods rings out the old year with an unseasonal update, warning of bigger lockdown impacts
The group noted that, as of January 1, 2021, 253 of its Primark clothing retail stores will be temporarily closed, representing 64% of its total retail selling space