Overview

• Primark sales are expected to rise 1% in the half to September 13, with like-for-like down about 2% offset by 15 new stores.
• The retailer reported improved UK trading and strong growth in the US, while continental Europe weakened in a softer consumer environment.
• ABF said it will hold Primark prices despite recent cost increases, while grocery brands face roughly 5% inflation that is being passed through to customers.
• The group forecast an operating loss close to £40 million in Sugar and shut the Vivergo bioethanol plant after the UK ended a 19% tariff on American bioethanol imports.
• ABF shares fell about 10% after the update, as Allied Bakeries remained loss-making and the group agreed to buy Hovis to merge the businesses.