July 5, 2018 / 6:22 AM / 4 months ago

Primark owner AB Foods maintains full-year profit guidance

LONDON, July 5 (Reuters) - Associated British Foods on Thursday maintained its overall guidance for the full 2017-18 year, saying a more negative outlook for its sugar business would be offset by a better performance at its Primark fashion chain.

The firm, which also has major grocery, agriculture and ingredients businesses, said it expected progress in year to September adjusted operating profit and adjusted earnings per share.

“Compared to our previous expectation, we now expect a reduced profit from AB Sugar as a consequence of lower EU sugar prices and an increased profit from Primark driven by higher margins,” it said.

For the 40 weeks to June 23, group revenue from continuing businesses was 3 percent ahead of the same period last year in constant currency terms and 2 percent ahead at actual exchange rates. (Reporting by James Davey; editing by John Stonestreet)

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