(RTTNews) - Associated British Foods PLC (ASBFY.PK, ABF.L) issued an update prior to entering the close period for its full year results for the 52 weeks to 16 September 2023. The Group said, overall, outlook for the financial year is slightly better than previous expectations of Group adjusted operating profit to be moderately ahead of last year.
At Primark, fourth-quarter sales are projected to be around 15% higher than in the same period in the previous financial year, with like-for-like sales growth of around 8%. For the financial year 2022-2023, retail sales are expected to be 9.0 billion pounds, around 15% ahead of sales last year. Like-for-like sales growth for the fiscal year are expected to be around 9%. Second half adjusted operating profit margin is estimated to be slightly below 8% and for the full financial year to be around 8%.
The Group expects Primark adjusted operating profit margin to recover strongly in the next financial year, 2023-2024.
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