Associated British Foods Posts Better-Than-Expected Q3 Results

Associated British Foods raised its outlook slightly for the full year on Thursday as it published fiscal third quarter results which were better-than-expected thanks to stronger profits at its clothing chain Primark. The London-headquartered company, which produces foods, ingredients and retail goods, said that underlying operational performance of the group was ahead of forecast in its fiscal third quarter as a result of stronger profit delivery from Primark which it said had “marginally improved our group outlook for the full year”. Revenue growth for the quarter was 13% at constant currency and 20% at actual rates, the trading update added.

The group said that revenue from continuing businesses in the 40 weeks ended June 24, 2017 was 10% higher than in the corresponding period of the prior year at constant currencies and up 20% at actual exchange rates.

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