Currencies Offset Primark's Woes, but Already Priced In
Associated British Foods, a branded food, ingredients, and clothing retail conglomerate, issued a mixed pre-close statement for the 53 weeks ending Sept. 17. Most notably, Primark's like-for-like sales slipped into even more negative territory in the second half of the year. The pound sterling's weakness since the EU referendum leads to upward revisions to our earnings estimates: We have revised 2017 sales up by 7% and adjusted EBIT by 8%. We raise our fair value estimate, solely as a result of ...Associated British Foods is an international food, ingredients and retail group. Co. operates in five segments: Grocery, which manufactures grocery products, including hot beverages, sugar and sweeteners, vegetable oils, bread and baked goods, cereals, ethnic foods, and meat products; Sugar, which grows and processes sugar beet and sugar cane for sale to industrial users; Agriculture, which manufactures animal feeds and provides other products and services for the agriculture sector; Ingredients, which manufactures bakers' yeast, bakery ingredients, enzymes, lipids, yeast extracts and cereal specialities; and Retail, which buys and merchandises value clothing and accessories.
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