Download full report with analyst certification and important disclosures
Sep 13 2021, 09:45 IST/BST
ABF’s pre-close statement points to a better-than-expected performance through Q4, driven by higher profits at Primark and non-retail businesses. Primark’s Q4 like-for-like (LFL) revenues were lower than expected (-17% versus our -12% assumption), although the monthly cadence and exit rate provide comfort on FY 2022 revenue assumptions. Strong cost control will prompt Primark margins to exceed 10% in H2, with the outlook for supply chain and inflation headwinds “broadly mitigated” by the weaker dollar. The statement evidences strong operating control, although FY 2022 margin commentary may require further distillation.
Sep 13 2021, 09:45 IST/BST