- Prachi Singh |
REPORT_ At the Annual General Meeting today, Charles Sinclair, Chairman of Associated British Foods, provided a current trading for the group since the close of the financial year ended 13 September 2014, saying, like-for-like sales are currently below expectations. Company has attributed it to the unseasonably warm weather.
“But having budgeted this year for a higher level of mark-downs, at this early stage in the year Primark’s profit estimate for the full year is unchanged,” Sinclair said, adding, “Operating profit for the group in the first two months of the new financial year was broadly in line with expectations. Sales at Primark were more than 10 percent ahead of last year driven by the selling space expansion both last year and so far this year.”
Primark’s expansion will continue but the group continues to expect a marginal decline in adjusted operating profit. “We therefore continue to see limited opportunity to grow adjusted earnings per share in this financial year. With the strength of the group’s balance sheet and strong cash generation, we have every reason to be confident of further progress for the group thereafter,” he summed up.