LONDON (dpa-AFX) - Associated British Foods Plc (ASBFY.PK, ABF.L) reported statutory profit before tax of 686 million pounds for the 52 weeks ended 12 September 2020, down 42% from prior year. Earnings per share was 57.6 pence compared to 111.1 pence. Statutory operating profit was 37% lower at 810 million pounds. Adjusted operating profit was 1.02 billion pounds compared to 1.42 billion pounds, previous year. On adjusted basis, profit before tax was down by 35% to 914 million pounds. Adjusted earnings per share was 81.1 pence compared to 137.5 pence.
Fiscal year revenue was 13.9 billion pounds, 12% lower than last year on a reported basis. Group revenue declined mainly as a result of the total loss of sales for the period in which Primark's stores were closed.
The Group noted that the full year decline in group revenue was mainly seen in the third quarter, driven by the total loss of sales for the period in which Primark's stores were closed. The Group estimates that Primark lost 2 billion pounds of sales and some 650 million pounds of profit as a result of COVID-19.
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