Associated British Foods PLC (LON:ABF) reassured investors by reiterating its outlook for the full year of some progress in group earnings despite a small drop in profit margins for fast-fashion behemoth Primark as it continues to add more shops overseas.
Ahead of its annual shareholder meeting, the FTSE 100-listed conglomerate said Primark had opened three new sites in France and Spain since the last period ended in mid-September.
READ: AB Foods sees strong profit growth from its Grocery and Primark divisions
Management repeated guidance as indicated in the annual results a month ago almost word for word, with strong profit growth in the grocery and sugar divisions and all businesses ready for Brexit
AB Foods' shares were up 1.5% to 2,535p in early trading on Friday, continuing recent progress after a rollercoaster couple of years that has left them around a quarter off their highs of late 2015.