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AB Foods confirms LFL sales decline at Primark
(Sharecast News) - Associated British Foods confirmed on Thursday that like-for-like sales at Primark fell 2.7% in the 16 weeks to 3 January, while group revenue was steady.
Group revenue was £6.76bn, in line with the previous year, while retail revenue was 4.2% higher at £3.5bn.
Grocery revenue was steady at £1.4bn and revenue from ingredients, sugar and agriculture fell 2.9%, 4.3% and 4.1% to £667m, £675m and £521m, respectively.
Although LFL sales at Primark dipped, total sales ticked up 1% during the period.
On 8 January, AB Foods shares tanked after it cut its profit outlook, citing weaker performances at Primark and its US foods operations.
The company is due to release its interim results on 21 April.
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