{"id":27502,"date":"2023-06-26T06:09:45","date_gmt":"2023-06-26T10:09:45","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/associated-british-foods-upgrades-profit-forecasts-following-strong-q3\/"},"modified":"2023-06-26T06:09:46","modified_gmt":"2023-06-26T10:09:46","slug":"associated-british-foods-upgrades-profit-forecasts-following-strong-q3","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=27502","title":{"rendered":"Associated British Foods Upgrades Profit Forecasts Following Strong Q3"},"content":{"rendered":"
\n

Shares in FTSE 100 business Associated British Foods fell on Monday despite the company upgrading its profit expectations for the full year.<\/p>\n

At \u00a319.35 per share the ABF share price was last 1% lower in start-of-week trading.<\/p>\n

The food and fashion giant said that sales rose 16% during the 12 weeks to 27 May, to \u00a34.7 billion. In the financial year to date sales were up 17% year on year at \u00a314.3 billion.<\/p>\n

ABF said that it \u201ccontinues to trade well\u201d and that, based on current trading conditions, \u201cwe now expect the group\u2019s adjusted operating profit for the full year to be moderately ahead of last year.\u201d<\/p>\n

Comparable profits came in at \u00a31.4 billion in the previous financial year (to September 2022).<\/p>\n

Primark Revenues Rise By Double Digits<\/h2>\n

Thanks to higher prices, sales at the company\u2019s Primark budget clothing division rose 13% in the quarter, to \u00a32 billion. On a like-for-like basis sales were up 7% year on year.<\/p>\n

ABF said that \u201cPrimark has continued to trade in line with our expectations, with summer ranges performing well as the season started in our markets.\u201d It added that sales of its health and beauty products \u201cwere particularly strong.\u201d<\/p>\n

<\/fbs-ad><\/p>\n

As well as enjoying \u201cgood\u201d sales at its city centre stores, the firm said \u201cthe contribution from new and extended stores continues to be strong.\u201d It opened four new stores, in Italy, Slovakia, Spain and the US in the period.<\/p>\n

Its entry into Slovakia means that Primark now operates in 16 markets. The firm also signed a lease to open its first store in Texas, US in the last quarter.<\/p>\n

Food Sales Jump<\/h2>\n

Revenues at ABF\u2019s Food division meanwhile increased 18% year on year to \u00a32.7 billion during the three months to June.<\/p>\n

It said that \u201cin particular, we have seen strong constant currency sales growth in Grocery and Ingredients largely driven by the necessary pricing actions taken earlier in the year to offset input cost increases.\u201d Sales at these units rose 13% and 10% in the period.<\/p>\n

Revenues at its Sugar sub-division increased 51%, helped by strong conditions in the firm\u2019s African markets.<\/p>\n

\u201cUpbeat Results\u201d<\/h2>\n

Susannah Streeter, analyst at Hargreaves Lansdown, said that \u201cthese upbeat results showed that the company\u2019s lower price points are a big draw as belts are tightened.\u201d<\/p>\n

She added that \u201cit\u2019s also fresh evidence of consumer resilience amid the pain of high inflation, with shoppers defying expectations of drawing their purse-strings tighter.\u201d<\/p>\n

Streeter noted, however, that \u201cthere are still doubts ahead about how long the spending spree will continue.\u201d She said that \u201cif consumers do keep splashing the cash, it\u2019s likely the Bank of England will have to keep raising rates to try and reduce demand.\u201d<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares in FTSE 100 business Associated British Foods fell on Monday despite the company upgrading its profit expectations for the full year. At \u00a319.35 per share the ABF share price was last 1% lower in start-of-week trading. The food and fashion giant said that sales rose 16% during the 12 weeks to 27 May, to […]<\/p>\n","protected":false},"author":1,"featured_media":27503,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-27502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-featured"],"yoast_head":"\nAssociated British Foods Upgrades Profit Forecasts Following Strong Q3 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Shares in FTSE 100 business Associated British Foods fell on Monday despite the company upgrading its profit expectations for the full year. At \u00a319.35 per\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=27502\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Associated British Foods Upgrades Profit Forecasts Following Strong Q3 | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Shares in FTSE 100 business Associated British Foods fell on Monday despite the company upgrading its profit expectations for the full year. At \u00a319.35 per\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=27502\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-26T10:09:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-26T10:09:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/1687774185_0x0.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1263\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=27502#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=27502\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Associated British Foods Upgrades Profit Forecasts Following Strong Q3\",\"datePublished\":\"2023-06-26T10:09:45+00:00\",\"dateModified\":\"2023-06-26T10:09:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=27502\"},\"wordCount\":449,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Investing\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=27502#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=27502\",\"url\":\"https:\/\/ifintechworld.com\/?p=27502\",\"name\":\"Associated British Foods Upgrades Profit Forecasts Following Strong Q3 | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-06-26T10:09:45+00:00\",\"dateModified\":\"2023-06-26T10:09:46+00:00\",\"description\":\"Shares in FTSE 100 business Associated British Foods fell on Monday despite the company upgrading its profit expectations for the full year. At \u00a319.35 per\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=27502#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=27502\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=27502#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Associated British Foods Upgrades Profit Forecasts Following Strong Q3\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Associated British Foods Upgrades Profit Forecasts Following Strong Q3 | iFintechWorld","description":"Shares in FTSE 100 business Associated British Foods fell on Monday despite the company upgrading its profit expectations for the full year. At \u00a319.35 per","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=27502","og_locale":"en_US","og_type":"article","og_title":"Associated British Foods Upgrades Profit Forecasts Following Strong Q3 | iFintechWorld","og_description":"Shares in FTSE 100 business Associated British Foods fell on Monday despite the company upgrading its profit expectations for the full year. At \u00a319.35 per","og_url":"https:\/\/ifintechworld.com\/?p=27502","og_site_name":"iFintechWorld","article_published_time":"2023-06-26T10:09:45+00:00","article_modified_time":"2023-06-26T10:09:46+00:00","og_image":[{"width":1263,"height":900,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/1687774185_0x0.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=27502#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=27502"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Associated British Foods Upgrades Profit Forecasts Following Strong Q3","datePublished":"2023-06-26T10:09:45+00:00","dateModified":"2023-06-26T10:09:46+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=27502"},"wordCount":449,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Investing"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=27502#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=27502","url":"https:\/\/ifintechworld.com\/?p=27502","name":"Associated British Foods Upgrades Profit Forecasts Following Strong Q3 | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-06-26T10:09:45+00:00","dateModified":"2023-06-26T10:09:46+00:00","description":"Shares in FTSE 100 business Associated British Foods fell on Monday despite the company upgrading its profit expectations for the full year. At \u00a319.35 per","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=27502#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=27502"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=27502#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Associated British Foods Upgrades Profit Forecasts Following Strong Q3"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/27502","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27502"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/27502\/revisions"}],"predecessor-version":[{"id":27504,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/27502\/revisions\/27504"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/27503"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}