LONDON (dpa-AFX) - Associated British Foods Plc (ASBFY.PK, ABF.L) said, currently, Primark is trading in 112 stores which represent 34 percent of its total selling space. On 15 June, it is expected to be operating from 281 stores representing 79 percent of total selling space. At the start of the re-opening of stores, Primark had 1.5 billion pounds of stock on hand, and had also made commitment to suppliers for a further 0.4 billion pounds of stock.
The Group said trading in its re-opened stores has been both reassuring and encouraging. Cumulative sales since re-opening, on a like-for-like basis, were down on the same period last year in aggregate.
The Group said Grocery operating profit will be ahead of its previous expectations with stronger sales of branded products sold through the retail channel, more than offsetting weaker sales in food service. The aggregate operating profit for the group's food businesses is expected to be in line with previous guidance.
Due to the re-openings of Primark stores earlier than prior assumption, the Group now anticipates a much improved cash flow from trading in the second half of the current fiscal year.
Copyright RTT News/dpa-AFX
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