Primark stars but sugar not so sweet for ABF
Monday 09 September 2013
Primark is outperforming its peers but sugar looks a bit sticky, Associated British Foods said today.
Sales at Primark rose 22 per cent in the financial year that ends on Saturday, with sales at stores open for at least a year up 5 per cent.
ABF’s Kingsmill bread has now overtaken Hovis as the UK’s second-biggest selling bread brand behind the privately owned Warburtons. Twinings, Ovaltine, Patak’s and Blue Dragon all had a good year.
But the sugar business, which had a phenomenal 2012, is looking at a tougher 2014. Finance director John Bason said: “Sugar prices have fallen earlier and by more than we had expected as more supply comes on to the market. Negotiations with our European customers are proving challenging.”
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