AB Foods profit soars; Primark will lift prices to tackle inflation
Associated British Foods PLC reported Tuesday a significant rise in adjusted operating profit for the first half of fiscal 2022, ahead of prepandemic levels as expected, and said that Primark will raise prices to tackle the effects of inflation.
The FTSE 100 listed company's revenue rose to GBP7.88 million from GBP6.31 billion for the year-earlier period. Primark sales rose 59% to GBP3.54 billion. The company's food businesses saw a decline in profit, but remained resilient, and its sugar division had another strong performance, with a rise in profit, AB Foods said.
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