Associated British Foods 1Q Revenue Rose on Resilient Consumer Spending
January 24 2023 - 2:51AM
Dow Jones News
By Michael Susin
Associated British Foods PLC said Tuesday that revenue for the
first quarter of fiscal 2023 rose on year after a
better-than-anticipated consumer spending despite increasing cost
pressures, and backed its fiscal 2023 expectations.
The FTSE 100 company said revenue for the 16 weeks ended Jan. 7
increased at constant currency by 16% to 6.70 billion pounds ($8.29
billion) compared with the same period a year earlier.
Revenue for the period for AB Food's retail arm rose 15% to
GBP3.14 billion, while the group's food business rose 17% to
GBP3.55 billion.
"For the full year, our expectation for the Group result overall
is unchanged with a significant growth in sales, and adjusted
operating profit and adjusted earnings per share to be lower than
the previous financial year," it said.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
January 24, 2023 02:36 ET (07:36 GMT)
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