ASBFY Associated British Foods Plc (PK)

1459 GMT - Primark is among the most-mentioned companies across news items over the past nine hours, according to Factiva data, after its parent Associated British Foods PLC said it expects like-for-like sales at the unit to moderate in the second half of the year after a 10% rise in the first half. ABF said it is cautious about the resilience of consumer spending at Primark given the continued high inflation, the cost-of-living crisis and higher interest rates. The cautious outlook sent ABF's shares down 7% in early trade before they climbed back up. Shares are currently down 3% at 2,007.0 pence. "Management is worried about the impact of high inflation and higher interest rates on the consumer and so it is guiding for slower growth at Primark. It also says margins aren't going to improve near-term," AJ Bell investment director Russ Mould said in a note. Dow Jones & Co. owns Factiva. (ian.walker@wsj.com.)

(END) Dow Jones Newswires

April 25, 2023 11:14 ET (15:14 GMT)

Associated British Foods (PK) (USOTC:ASBFY)
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