LONDON (dpa-AFX) - Associated British Foods plc (ASBFY.PK, ABF.L) reported Group revenue from continuing operations for the 16 weeks ended 2 January 2021 of 4.80 billion pounds, 13% lower than the same period last year, at constant currency. At actual exchange rates, revenue from continuing operations was down 12%. Primark sales were 30% lower than last year at constant currency and 28% lower at actual exchange rates. The Group said trading across Grocery, Sugar, Agriculture and Ingredients has been ahead of both expectation and last year during the period.
Associated British Foods now expects full year sales and adjusted operating profit for Primark to be somewhat lower than last year. The Group noted that the lower profitability of Primark, and the consequent change in the weight of profit by tax jurisdiction for the group will result in an increase in the effective tax rate for the year from the 25% previously advised.
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