AB Foods surging in 2023 but Primark still playing pre-pandemic catch up
Interim results are due on Tuesday for the FTSE 100-listed clothing retailer and food producer
Company
Associated British Foods PLC
LON:ABF
Associated British Foods is a diversified international food, ingredients and retail group with sales of £10.2 billion and 97,000 employees in 44 countries.
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FTSE 100 ends Monday on front foot as US stocks recover as well
Around 3.50pm, the FTSE 100 index was ahead 56 points, or 0.7%, at 7,934
Primark shows bricks and mortar shopping ‘back with a bang’ for AB Foods – Barclays
Primark is among high street retailers “bouncing back” while online spending slows, according to Barclays
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FTSE 100 closes lower on renewed recession fears
At the close of trading Tuesday, the FTSE 100 had fallen 24 points to 7,757 for a 0.4% loss on the day
Primark's click & collect service a 'welcome step' in its digital evolution
Importantly, the trial should be seen as a steppingstone to increase Primark’s addressable market
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FIVE at FIVE: FTX latest; Primark’s click-and-collect crash; Crypto.com speculation; Windfall tax no biggie for power groups
Here’s Proactive’s round-up of the top financial stories of the day, with helpful links taking you directly to the news
Primark's click-and-collect website crashes on first day
Customers will be able to shop from the comfort of their homes and collect in-store, a move Primark hopes will drive higher footfall and lead to incremental sales in its shops
FIVE at FIVE: Primark Price Freeze; Royal Mail owner climbs; FTSE 100; FTX Pauses Withdrawals; Persimmon Housing Market Warning
Here’s Proactive’s round-up of the top financial stories of the day, with helpful links taking you directly to the news
Primark owner ABF a 'buy' with Shore Capital despite macro-factors
'External environment from the commencement of the pandemic has thrown up many more challenges than opportunities for ABF' said the analysts
ABF freezes Primark prices, reports jump in profits and plans share buyback
ABF was boosted by sales at its clothing arm Primark, which saw a "significant increase in customer footfall and sales densities" after Covid restrictions were eased
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FTSE 100 closes flat as all eyes turn to US midterm results
The UK's blue-chip index stayed quiet on Tuesday, finishing at 7,306 points for a 0.1% gain on the day
Primark and Persimmon in Tuesday’s spotlight
Whilst not the busiest of days in the calendar there’s a number of closely followed stocks set to update the market on Tuesday.
Primark owner AB Foods to take inflation damage
So called fast-fashion and high street retail is in the spotlight amidst the cost of living crisis.
AB Foods downgraded to 'neutral' from 'buy' by UBS following recent pre-close trading update
The Swiss bank analysts said they expect AB Foods' shares to perform "in line with (the) market until there is evidence of some progress on sales/margin trends"
Deutsche Bank cuts AB Foods target price to 1,575p from 1,850p following last week's trading upate
The Deutsche Bank analysts said: "Whilst the shares took another leg down on the profit warning, we think much is now incorporated in the valuation and remain Hold rated but lower our target price"
FIVE at FIVE: Concerns mount over Queen's health; Truss scraps fracking ban; Primark lays down the gauntlet; Melrose sinks further
Here’s Proactive’s round-up of the top financial stories of the day, with helpful links taking you directly to the news
Primark lays down the gauntlet on pricing, but will other retailers follow?
Primark became one of the first to say it will not hike its prices any further
Barclays downgrades AB Foods to 'equal-weight' from 'underweight', chops target after cautious year-end trading update
The Barclays analysts said: "Until we get more visibility on the numerous moving parts, we take our rating down to EW and lower our PT to £15 (from £23)"
Primark not immune to the cost-of-living crisis, says owner ABF as it issues profit warning
ABF said market volatility, cost inflation, and much higher energy costs will all adversely impact sales at Primark
Falling household spending power prompts downgrades for UK retailers
The broker has lowered ratings, profit forecasts and price targets across the UK retail sector.
Home deliveries may be the next step of Primark’s online revolution, but don’t hold your breath
Click & collect service allows could allow Primark to trade online whilst avoiding the costs of setting up delivery operations
UK consumer confidence drags at all-time low, retailers hit
The challenges facing the retail sector are thorny and multi-faceted, according to analysts
Primark owner AB Foods brushes off cost-of-living concerns with robust quarterly sales
Value retailer Primark appears to have bucked the trend
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FTSE 100 ends higher, financials manage to rally; train strike misery to come
At the close, the UK blue-chip index was 105.56 points, or 1.5% higher at 7,121.81, not far below the session peak of 7,129.64 and well above the early session low of 7,016.15
Berkeley, Carnival, DS Smith and AB Foods, inflation and consumer confidence data in diary for coming week
There are also results due from Micro Focus, James Cropper, Liontrust Asset Management, Safestore, Telecom Plus,
AB Foods: Primark margins could be in danger of further cut on Monday
Major retailers including Asos and Halfords issued profit warnings this week as consumer purses continue to tighten
UK food prices to rise 15% this summer and could last more than a year
"From our research, we are unlikely to see the cost of living pressures easing soon," the report said
AB Foods downgraded by Deutsche Bank on 'scant' evidence of trading down benefit
Deutsche Bank said it has more certainty on margin declines and less certainty on sales development
Will Primark protect market share and margins as inflation forces price hikes?
Low price-point retailers like Primark are likely to bear the brunt of rising inflation and the cost-of-living crisis
AB Foods says Primark to raise prices as inflation hits
The group cautioned that inflationary pressures will lead to a greater reduction in margins than previously expected in the second half
Discount retailers like Primark to be hit hardest by inflation, says Deutsche Bank
Deutsche Bank cites home categories as worst placed for inflation
How important is Primark to AB Foods?
Sales are expected to have grown by 60% in Primark compared to last year
AB Foods boosted by improved Primark sales
Inflationary pressures resulted in some price increases in its food businesses
AB Foods launches £400mln debut public bond
"These bonds will diversify the source of funding for the group. They will enhance our liquidity and support the continued investment for growth in our businesses," said AB Foods finance director John Bason
AB Foods revenues jump by a fifth, 400 UK staff cut
400 jobs are going in UK from Primark due to a management restructuring
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FTSE 100 closes lower despite rebound in US stocks
All three US indices are trading higher after a massive sell-off
Primark-to-market – how did ABF perform in peak trading period? Netflix and AJ Bell also due
Will high expectations be dashed by a so-called Omicron squeeze on retail? The high-volume clothes retailer's parent reports on Thursday
AB Foods lifts Primark and other prices due to higher costs
Amid rising COVID-19 cases, the FTSE 100-listed group said its five stores in Austria had been shuttered, trading hours were being restricted in the Netherlands and that vaccine passes were being required in Germany
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FTSE 100 ends lower as UK economic growth stalls
London's blue chips slip as US stocks remain higher midday
Builders and building materials
AB Foods will need to work out new guidance for Britain's Plan B Covid restrictions
UK gross domestic product data will also be released, showing how the economy was bouncing back
Barclays bullish on Associated British Foods eyes ‘three big positives’
The Primark-owner was boosted by a trading update this week.
AB Foods' Primark continues store expansion but is resisting e-commerce really a good idea?
The fast-fashion retailer is opening more stores, improving the existing ones and showcasing more products online, but still won't sell anything on its website
AB Foods expects much improved profits in coming year as Primark rebounds strongly
The fast-fashion retailer is estimated to claw back at least the estimated £2bn of sales lost due to store closures last financial year
FTSE 100 closes in the red as Wall Street beats an early retreat
At the close, the UK blue-chip index was 26.36 points, or 0.4% lower at 7,274.04, above the session low of 7,268.79, but well below the day’s peak of 7,314.13
Primark owner Associated British Foods heavily oversold, reckons leading American brokerage
The folks at Jefferies say the City's price-setters have such a downer on ABF that they’ve somewhat overdone the gloom
AB Foods to invest in Primark’s digital strategy but online shop still not on the cards
Some analysts reckon the extra investment is a hint that an e-commerce platform will be on its way
AB Foods upgrades profits as Primark spends less on labour costs
The fast-fashion retailer has fewer staff, which is resulting in higher profit margin even though sales dropped
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FTSE 100 ends higher on buoyant oil stocks
FTSE finished the day 41 points, or 0.6%, higher at 7,070
Gap’s departure from high street shows it’s hard to keep up with Primark
While Gap will operate in the UK and Ireland as an online-only business, Primark is unlikely to establish an e-commerce platform given its success in stores
AB Foods raises full-year expectations after Primark reopening delivers strong performance
Quarterly sales at the fast-fashion designer were above last year's and the previous year's levels
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FTSE 100 ends weaker, near session low as travel, energy stocks fall back
At the close, the UK blue-chip index was down 63.10 points, or nearly 0.9% at 7,072.97, just fractionally above the session low of 7,071.95
AB Foods stays cautious on outlook but analysts are bullish on Primark prospects
Tuesday's dip may be due to profit-taking after a strong run recently
AB Foods says Primark delivers record sales after reopening but second half to be softer for wider group
The Grocery, Sugar, Agriculture and Ingredients segments will normalise after an exceptional interim performance
Netflix and churn, Primark's reopening and copper mining in focus on Tuesday
The day's agenda also includes trading statements from Avast, Moneysupermarket.com and Petra Diamonds, along with an update on UK unemployment numbers
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Primark owner AB Foods to report results in coming week alongside updates from miners, Taylor Wimpey and Domino’s Pizza
Other firms in the diary for the week include Moneysupermarket and Rentokil, while over the US earnings season will pick up the pace with numbers from Netflix, Intel, Johnson & Johnson and others
UK retailers to benefit from ‘staycation’ trends but normality still far away, says broker
Working from home practices and social distancing measures are expected to weigh on sales
Shoppers queue outside AB Foods' Primark on first day of reopening despite bad weather
As expected, shoppers were queuing outside of several Primark sites across the country, while pubs with 24-hour licences opened at midnight
Associated British Foods expects £1.1bn interim sales loss from Primark closures
The clothier said 83% of its retail selling space should be trading by April 26
Norwegian wealth fund pushes for more gender diversity on portfolio companies’ boards
“Diversity is good for the board because it brings better perspective, it is better for decision-making and increasingly important for the legitimacy of companies"
AB Foods keeps Primark offline while rivals boohoo, ASOS post strong lockdown sales
The fast-fashion retailer will not set up an e-commerce platform despite the current closures are racking up losses
AB Foods expects £1bn loss if Primark closures continue to next month
The fast-fashion retailer does not have an e-commerce platform so cannot compensate for the lack of sales during lockdown
AB Foods rings out the old year with an unseasonal update, warning of bigger lockdown impacts
The group noted that, as of January 1, 2021, 253 of its Primark clothing retail stores will be temporarily closed, representing 64% of its total retail selling space
AB Foods says Primark will increase profits despite bigger lockdown losses
Trading across the grocery, sugar, ingredients and agriculture divisions has also been ahead of both last year and market expectations
AB Foods determined to keep Primark offline even through new lockdowns
The conglomerate estimated a cash burn of £375mln from the new round of closures
AB Foods upbeat on Primark’s future despite closures
The clothing retailer is expected to have lost £2bn of sales and some £650mln of profit as a result of COVID-19 in the financial year to mid-September
Hardware & electrical equipment
US election will dominate Tuesday news, investors eye AB Foods dividend record
Associated British Foods will release its full-year results a day after putting out an update on the expected impact of a new UK lockdown
AB Foods expects £375mln cash burn from Primark temporary closures
As of Monday, all the fast-fashion sites in the Republic of Ireland, France, Belgium, Wales, Catalonia in Spain and Slovenia are temporarily closed, which represent 19% of the FTSE 100 group’s total retail selling space
AB Foods is well set up for a socially distanced world despite Primark's online absence
“At a time when other major clothing retailers are restructuring and closing down huge numbers of bricks and mortar stores, Primark’s growth in footprint is remarkable,” said one analyst
AB Foods reports bigger cash pile as Primark proves popular post-lockdown
Grocery profits were also “significantly ahead”, helped by growth from Twinings tea, Silver Spoon sugar, Jordans cereals and Acetum balsamic vinegar
Archive
FTSE 100 closes convincingly higher as Brexit worries send pound plunging
Britain's index of leading shares finished the first day of the trading week up around 138 points, or 2.39%, at 5,937
Retailers, computer games designers and industrial pandemic trends to the fore in coming week
Updates and results in the week are expected from AB Foods, Morrisons, JD Sports, Fevertree Drinks, Frontier Developments, Team17 and Computaceter - plus US names such as Slack and Peleton
AB Foods' Primark potential underestimated, says RBC Capital Markets
Cashflow is expected to improve due to lower capital expenditure and working capital intensity
Associated British Foods’ Primark is set to play catch-up says RBC
“Our latest apparel pricing survey shows Primark is maintaining its price leadership," said Chamberlain.
AB Foods’ Primark, John Lewis turn down government furlough bonus, pubs welcome it
The discount clothing chain put around 30,000 UK workers on furlough during the lockdown, which forced the closure of all of its stores
AB Foods upped to sector perform as RBC predicts stronger Primark recovery
The Canadian bank said Primark’s low prices “should position it well in a consumer downturn and protect it from online competition”
AB Foods rating cut to ‘neutral’ from ‘buy’ by Goldman Sachs on valuation grounds after update
The US investment bank’s analysts pointed out that Primark's revenue decline of 75% in the third-quarter was less than their forecast
AB Foods' Primark benefits from cheap offering but should consider online presence, analysts say
Analysts were impressed by the post-reopening results and see it as a defensive stock, but Primark still operates from bricks-and-mortar stores only
AB Foods quarterly sales fall 39% as Primark goes into and out of lockdown
Primark sales were down 75% over the quarter as a whole but for the latter seven weeks sales were down just 12% on a like-for-like basis
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FTSE 100 finishes higher as sentiment boosted by strong US jobs report
Britain's blue-chip benchmark finished up over 82 points at 6,240 on Thursday
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US June non-farm payrolls to arrive a day early ahead of Independence Day long weekend
Thursday's corporate diary is fairly quiet, though trading updates from AB Foods and Meggitt will be keenly eyed, plus finals from DS Smith
Sex, rugs and Aston Villa: Britain’s push for ‘new normal’ set to jolt non-essential business into action
Sleepovers for singles, the reopening of John Lewis (also Greggs and Primark) along with Premier League football behind closed doors may be iconic markers towards a 'new normal' which may or may not provide stimulus for stock market investo
AB Foods' Primark reopens on June 15 but many retailers yet to announce their plans
All non-essential retailers in England are allowed to resume trading in shops as of 15 June
Associated British Foods to reopen all Primark stores in England on June 15
By that date, shops accounting for 79% of the fast-fashion chain's selling space will be operational
Focus on retail survivors when shops reopen on 15 June, says top analyst
Analysts expect a boost to the economy as people come out of furlough and shoppers are encouraged by clearance sales
AB Foods downgraded to 'neutral' by Redburn, estimates chopped for Primark stores' issues
The well-respected broker's analysts pointed out that the absence of an online capability for Primark combined with a store-based model premised on volume is challenging even once stores reopen
Profound changes to retail outlook sparks unlikely share picks for Morgan Stanley
Boohoo, Dunelm and Superdry are among retailers that “could get into financial difficulties” in a scenario where there is a second lockdown over Christmas, no vaccine and high unemployment for the next two years
Cannabis legalisation will be a likely response to the UK’s upcoming desperation for tax revenue, with concomitant opportunities for investors
Several US states have been generating significant tax income from legal cannabis