AB Foods reports lower profits as Primark plans demerger

Business · First reported 3 Nov, 09:10 · Updated 09:28

Image: Wikimedia Commons · NASA/USGS · Public domain

Associated British Foods said its pre-tax profit fell 14% to £1.46 billion for the year to September 12, while Primark’s sales rose but like-for-like sales declined. The company still expects to separate Primark through a stock market listing by December 2027.

AB Foods reported pre-tax profit of £1.46 billion, down 14% year on year; Primark’s retail profits fell around 11%.
Primark sales rose 4% to £9.8 billion, but like-for-like sales fell 2.6%; the company attributed sales growth to new store openings.
AB Foods said it remains on track to demerge Primark in December 2027, and its chief executive said the company does not plan price increases this year.

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Key facts

AB Foods pre-tax profit: £1.46 billion, down 14% for the year to September 12.
Primark sales: £9.8 billion, up 4%.
Primark like-for-like sales: Down 2.6%.
Planned demerger: AB Foods said it is on track to complete the separation in December 2027.