Home Investments AB Foods Shares Tumble as it Cautions on Primark Margin

AB Foods Shares Tumble as it Cautions on Primark Margin

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AB Foods warns of Primark’s FY23 outlook

0726 GMT: Associated British Foods’ FY2022 update shows this year met expectations, but there is caution around Primark’s FY2023 margin outlook, says RBC Capital Markets. The UK conglomerate expects fiscal 2023 adjusted operating profit and adjusted EPS to fall in the year, mainly due to Primark’s margin pressure from currency difficulties and higher energy costs, RBC analysts say in a research note. “Now that Primark has reopened its stores, we expect a strong recovery in sales, but margins are likely to be affected by currency and other inflationary pressures, and possibly whether Primark has to invest more to improve the desirability of its offering.” said the Canadian. bank says. RBC retains its sector performance rating and price target of 1,700 pence on the share. Shares are down 6% at 1,367.5 pence. ([email protected])

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Contact: London NewsPlus; [email protected]

(END) Dow Jones Newswires

September 08, 2022 03:43 ET (07:43 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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