AB Foods Warns on Profit Hurt by Weaker Primark, Food Sales

Associated British Foods Plc warned that profit will be lower than expected this fiscal year, hit by weaker Primark sales and a mixed performance in its food business.

Affordable fashion chain Primark had a particularly challenging holiday season, with like-for-like sales falling by 5.7% in continental Europe during the 16 weeks to Jan. 3. In the UK, Primark’s comparable sales rose by a modest 1.7%.