On Tuesday, Primark-owner Associated British Foods (ABF.L) announced a 3% drop in first-half earnings and maintained its full-year outlook for a flat result.
In the six months to March 4, adjusted operating profit, its primary profit indicator, was 684 million pounds ($854 million) on revenue, rising 21% to 9.56 billion pounds. The firm also includes substantial sugar, grocery, and ingredients companies.
The firm estimates an adjusted operating profit of 1.44 billion pounds in 2022-23, similar to 2021-22.
“At Primark, we remain cautious about the resilience of consumer spending in the face of ongoing cost of living inflation and higher interest rates,” it stated.
