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Associated British Foods Expects H1 Primark Sales To Be Some £2.2 Bln

Associated British Foods plc (ASBFY.PK,ABF.L) said it expects first-half revenue and profit in each of the company's Grocery, Sugar, Agriculture and Ingredients businesses to be ahead of both expectation and the first half of last year.

The company expects Primark sales in the first half to be some £2.2 billion and the adjusted operating profit to be marginally above break-even.

Further, the company said it anticipates the reopening of the Primark estate. As of today, the company had likely reopening dates for 233 stores in addition to the 77 stores already open, so that 83% of its retail selling space should be trading by 26 April.

Associated British Foods added that its stores will be offering exciting seasonal ranges for spring/summer and have been placing orders for merchandise with a long lead time for the autumn/winter season. The company further expects "the period after reopening to be highly cash generative."

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