Fourth-quarter sales at Primark are expected to rise 2%, driven by new store openings and franchise agreements. On a like-for-like basis, sales are set to decline by 3%, reflecting broadly flat trading in the UK and Ireland and a 4% decline in Continental Europe.
Grocery sales are expected to grow at a mid-single-digit rate in the fourth quarter, while Ingredients sales are expected to increase by around 10%. The Agriculture and Sugar businesses are expected to deliver further sales declines.
2026 adjusted operating profit guidance has been reiterated at below last year’s level of £1.7bn (£1.5bn expected). In 2027, profits are expected to improve across most divisions, except for Sugar, where adjusted operating losses are forecast to widen from £25-60mn to £70-170mn.
The shares were down 7.8% in early trading.
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Associated British Foods key facts
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