LONDON (Reuters) – Primark owner Associated British Foods reported a 42% increase in 2021-22 profit but reiterated its forecast for a drop in profit in its current year due to higher energy and currency costs and consumers’ declining disposable income.
The group, which also owns major sugar, grocery, ingredients and agricultural businesses, said on Tuesday it made a year to Sept. 17 adjusted operating profit of 1.435 billion pounds ($1.65 billion), up from 1.01 billion pounds in 2020-21, mainly reflecting a jump in Primark’s sales after the end of COVID-related restrictions.
($1 = 0.8705 pounds)
(Reporting by James Davey, Editing by Paul Sandle)
