LONDON (Reuters) - Associated British Foods expects analysts' consensus profit expectations for its 2024/25 year to fall about 2% after the group cut the sales outlook for its Primark clothing
AB Foods Lowers Profit Outlook After Primark Sales Downgrade
LONDON (Reuters) - Associated British Foods expects analysts' consensus profit expectations for its 2024/25 year to fall about 2% after the group cut the sales outlook for its Primark clothing business, its finance chief said on Thursday.
After reporting disappointing trading for the Christmas quarter, the group said it was now targeting "low-single digit" sales growth in 2025 for Primark, having previously forecast "mid single digit" growth.
Prior to the update, analysts were on average forecasting for the group's year to mid-September 2025 an adjusted operating profit, its preferred metric, of 1.863 billion pounds ($2.29 billion), down from the 1.998 billion pounds made in 2023/24.
Finance director Eoin Tonge told Reuters he expected the profit consensus to fall about 2%.
($1 = 0.8134 pounds)
(Reporting by James Davey)
