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City snapshot: ABF grocery sales fall but Primark recovery drives revenue jump
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Sales Fall In ABF s Grocery Division
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By Alec Mattinson2021-04-20T08:01:00+01:00
Top story
Associated British Foods has seen ‘record’ sales on the reopening of its stores last week to bounce back from a first half of a double-digit revenue fall and shrinking profits.
Revenue for the group for the 24 weeks to 27 February was down 17% to £6.3bn at actual exchange rates driven by the loss of Primark retail sales as a consequence of the trading restrictions.
Adjusted operating profit of £369m was 46% lower than last year at actual exchange rates as a result of the contribution lost at Primark.
Statutory operating profit for the period reduced by 8% to £320m, as exceptional items decreased from a charge £309m last year to £25m this year.
20th April 2021
Whilst its Primark clothing chain has faced considerable disruption during the pandemic, Associated British Foods (ABF) Grocery division has delivered another period of robust growth.
The unitâs total revenue increased 8% to £1.83bn over the 24 weeks to 27 February, with increased retail demand offsetting weaker foodservice sales as a result of the pandemic-related restrictions. Adjusted operating profit was up 6% to £199m, driven by its Twinings Ovaltine and UK grocery businesses.
Twinings and Ovaltine were said to have had a strong first half despite weaker demand in out-of-home channels. Twinings revenue was ahead of last year, driven by growth in herbal and fruit infusions with a particularly strong performance in France. Volumes continued to benefit from an increase in home consumption as a result of Covid-19, as well as new product launches. Meanwhile, Ovaltine delivered growth in its major markets with improved performance in Thailand and Brazil,