AB Foods share price: Primark owner to continue reporting season

on Jan 14, 2019
Updated: Jun 14, 2024

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Primark owner Associated British Foods (LON:ABF) will continue the post-Christmas reporting this week, with a trading update due on Thursday. The results will come after the blue-chip company posted a rise in revenue and profits in the financial year ended September 15.

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AB Foods’ share price has fallen into the red in today’s session, having given up 0.76 percent to 2,226.00p as of 09:58 GMT. The decline is largely in line with the broader market, with the benchmark FTSE 100 index currently standing 0.73 percent lower at 6,867.67 points. The group’s shares have given up more than 21 percent of their value over the past year, as compared with about an 11.7-percent dip in the Footsie.

AB Foods to post results

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AB Foods is scheduled to update investors on its performance on Thursday and Belfast Telegraph reports that retailer analyst Simon Bowler at Numis Securities expects Primark to post a two-percent fall in like-for-like sales.

“Following the cautious statement on November trading made at the AGM, we have assumed a pick-up in December, as seen with peer Next,” he said, as quoted by the newspaper. Belfast Telegraph further quoted Sophie Lund-Yates, equity analyst at Hargreaves Lansdown, as commenting that it has “been a prickly year for retailers, although the discount chain has bucked negative trends in the past”.

“Given Primark’s track record, we think that can continue,” she pointed out.

Analyst ratings update

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The 15 analysts offering 12-month price targets for AB Foods for the Financial Times have a median target of 2,800.00p on the shares, with a high estimate of 3,500.00p and a low estimate of 2,100.00p. As of January 12, the consensus forecast amongst 23 polled investment analysts covering the blue-chip group has it that the company will outperform the market.

As of 10:05 GMT, Monday, 14 January, Associated British Foods plc share price is 2,227.00p.

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