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Associated British Foods Sees FY20 Adj. Earnings Significantly Below Last Year

Associated British Foods Plc (ASBFY.PK,ABF.L) said it expects adjusted earnings per share for the 52 weeks to 12 September 2020 to be significantly below last year as a result of the decline in Primark's profit due to the store closures and the ongoing impacts on customer demand caused by COVID-19.

Associated British Foods now expects adjusted operating profit for Primark on an IFRS16 basis, excluding exceptional charges, to be at least at the top end of the 300-350 million pounds range previously advised. The Group said trading in the fourth quarter in both food businesses and Primark exceeded its expectations.

The Group will announce results for the 52 weeks to 12 September 2020 on 3 November 2020.

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