StockMarketWire.com - Associated British Foods said revenue grew 4% in its fiscal first quarter led by 'good' performance from discount retailer Primark over the festive period in its core UK market and a 'marked upturn' in the Eurozone.

For the 16 weeks to 4 January, revenue rose 4% on-year ahead at constant currency and 3% at actual exchange rates.

Primark sales were up 3.0% driven almost entirely by the increase in selling space, the company said. Like-for-like performance were driven by a marked upturn in the Eurozone, with sales up 5.1% on-year.

In the UK, the discount retailer enjoyed 'particularly good' performance over November and December, the company said.

Its sugar business, AB Sugar, saw revenue rise 7% ahead of last year at constant currency and 5% ahead at actual exchange rates as EU sugar prices remained at levels higher than last year.

Sales in its grocery business, meanwhile, were level with last year at both constant currency and actual exchange rates, and margin improved.

'Our outlook for the group is unchanged, with progress expected, on both a reported and an IFRS 16 adjusted basis, in adjusted earnings per share for the year,' the company said.






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