LONDON (Reuters) – Associated British Foods, owner of Primark, raised its financial forecast for the full financial year 2022-23 on Monday, anticipating strong first-half results for the clothing retailer.
The group, which also owns major food businesses, expects adjusted operating profit and earnings per share for 2022-23 to be broadly in line with the prior year. .
It had previously expected adjusted operating profit to be below the 1.44 billion pounds (1.63 billion euros) made in 2021-22.
For the six months ending March 4, AB Foods targets total sales more than 16% higher than prior year at constant currencies, with adjusted operating profit broadly in line with prior year .
Primark’s half-year sales are expected to reach 4.2 billion pounds, up 16% at constant currencies, and the adjusted operating margin is expected to be above 8%, AB Foods added.
(Report James Davey, Kate Entringer, edited by Matthieu Protard)
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