Associated British Foods Reports First Trading Update of Fiscal Year 2018
No-moat Associated British Foods issued trading update for the 16 weeks to 6 January 2018, at 4% growth (constant currency) versus the same period last year, slightly lower than our long-term forecast. Management's outlook of the group's adjusted operating profit and earnings for the full year remains unchanged. We are maintaining our GBX 2,440 fair value estimate and no-moat rating.ÂIn retail, Primark sales growth was up 7% at constant currency (+9% at actual exchange rates), supported by new ...
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