Primark Owner AB Foods Forecasts Strong Profit Growth as Market Conditions Improve

Associated British Foods reports significant earnings increase, buoyed by easing inflation and strategic expansions in its retail and food sectors.

AB Foods anticipates substantial profit growth in 2024, with easing inflation and strategic expansions driving performance.
Primark, owned by AB Foods, sees profit margins recover as it benefits from new store openings and higher selling prices.
The company raises its interim dividend by 46%, reflecting confidence in continued financial improvement.
Despite a challenging economic environment, AB Foods reports a 37% increase in pre-tax profits, signaling strong operational execution.
AB Foods continues to innovate with plans to expand Primark's 'click and collect' service across the UK by end of 2025.