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AB Foods says Primark trading challenging in November

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By Reuters
AB Foods says Primark trading challenging in November
FILE PHOTO: Shoppers carry Primark bags in central London, Britain, November 3, 2017. REUTERS/Toby Melville   -   Copyright  TOBY MELVILLE(Reuters)

LONDON (Reuters) – Associated British Foods <ABF.L> said trading at its Primark fashion chain was challenging in November, though sales and profit for the group as a whole over the first eight weeks of its 2018-19 year were in line with expectations.

Ahead of its annual shareholders’ meeting on Friday it said that with careful inventory management and improved margins, its expectation for an increase in Primark’s profit was unchanged.

AB Foods, which also has sugar, grocery, agriculture and ingredients divisions, also maintained the overall guidance it issued last month – for adjusted earnings per share for 2018-19 in line with its 2017-18 outcome.

(Reporting by James Davey; editing by Jason Neely)