Associated British Foods PLC said Thursday that revenues for the first 16 weeks of the 2021 crown were declining, with clothing retailer Primark hit by store closures.
The FTSE 100 company reported that revenue for the 16 weeks ended January 2, 2021 fell to 4.08 billion pounds ($ 5.56 billion) compared to GBP5.51 billion for the same period a year earlier.
The British conglomerate said Primark sales were 30% lower than in fiscal 2020, adding that its full-year sales and adjusted operating profit are expected to be slightly lower than last year. There are currently 305 closed stores, representing 76% of their retail outlet.
Revenue of the company’s sugar industry rose to GBP545 million from GBP512 million, while grocery industry revenue increased to GBP1.22 billion from GBP1.14 billion.
Agricultural income rose to GBP507 million from GBP463 million. AB Foods said trade across groceries, sugar and agriculture was ahead of ideas.
Write to Sabela Ojea at [email protected]; @sabelaojeaguix