StockMarketWire.com - Associated British Food's revenues for the 16 weeks to 6 Jan were 4% up on last time at constant currency with sales at Primark up 7%.

The group said the outlook was unchanged, with progress expected in adjusted operating profit and adjusted earnings for the full year.

An update said: 'Sterling has strengthened against most of our major trading currencies, other than the euro, and as a result sales from continuing operations at actual exchange rates were 3% ahead.

'Other than the expected reduction in sugar revenue, sales growth was delivered by all of our businesses and their combined revenue was 6% ahead at constant currency.'

The update on its retail business said: 'The UK continued to perform well with strong like-for-like sales, a consequent strong increase in share of the total market, and trading which reflected the breadth of our consumer offering.

The sales growth across Europe was held back by unseasonably warm weather in October.

'This was followed by good trading in the five weeks leading up to Christmas.

'Primark achieved record sales in the week before Christmas.

'Trading in the US has continued to make progress.

'Operating margins in the first half are now expected to be close to those in the same period last year with better buying virtually offsetting the adverse effect of the weaker sterling / US dollar exchange rate on purchases. Stock was tightly managed again this period.'



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