ABF Shares Sink 10% As Primark’s Woes Deepen [Forbes]
ASSOCIATED BRI/F UNSP/ADR (ASBFY)
NASDAQ:AMEX Investor Relations:
abf.co.uk/investorrelations
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Source: Forbes
At £20.23 per share, the ABF share price was last 9.7% lower in midweek business. At its Primark budget clothing division, the FTSE 100 company said sales are expected to rise 1% in the second half. Growth is tipped to be evenly distributed across the third and fourth quarters. However, on a like-for-like basis, ABF expects sales to be 2% lower year on year, dropping 2.4% in quarter three and around 2% in quarter four. ABF said that UK and Irish sales have grown from the first half, which it attributed to “our strong product offer, particularly in womenswear, and increased digital engagement, supported by more favourable market conditions.” The company also described trading in the US as “strong.” But it added that “we saw a more subdued consumer environment in Europe and trading was weaker.” For the full year, Primark's total sales are tipped to rise 1% year on year, with the retailer's store rollout programme expected to drive sales growth of roughly 4%. Trouble Elsewhe
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