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Associated British Foods : AB Foods 16-Week Revenue Hit by Store Closures, Primark Sales Down 30%

01/14/2021 | 02:40am

By Sabela Ojea

Associated British Foods PLC said Thursday that revenue for the first 16 weeks of fiscal 2021 declined, with clothing retailer Primark hit by the closure of stores.

The FTSE 100 company said revenue for the 16 weeks ended Jan. 2, 2021 fell to 4.80 billion pounds ($5.56 billion) compared with GBP5.51 billion for the same period a year earlier.

The British conglomerate said Primark sales were 30% lower than in fiscal 2020, adding that its full-year sales and adjusted operating profit are expected to be somewhat lower than last year. Currently 305 stores are closed, which represent 76% of its retail selling space.

Revenue at the company's sugar business rose to GBP545 million from GBP512 million, while grocery business revenue increased to GBP1.22 billion from GBP1.14 billion.

Agriculture revenue rose to GBP507 million from GBP463 million. AB Foods said trading across grocery, sugar and agriculture was ahead of views.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

Corrections & Amplifications

This item was corrected at 0854 GMT to reflect that Associated British Foods said revenue for the 16 weeks ended Jan. 2, 2021 fell to 4.80 billion pounds ($6.55 billion). The original version incorrectly said revenue for the period fell to GBP4.08 billion ($5.56 billion)in the second paragraph.

(END) Dow Jones Newswires

01-14-21 0239ET

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