AB Foods first half profit halves on Primark’s COVID hit By Reuters

LONDON (Reuters) – Associated British Foods (LON:ABF) on Tuesday reported a halving in first half profit, hurt by COVID-19 lockdowns which shuttered its Primark fashion stores.

The group, which also owns major sugar, grocery, agriculture and ingredients businesses, said it made adjusted profit before tax of 319 million pounds ($446 million)for the six months to Feb. 27, down from 636 million pounds reported for the same period of its 2019-20 year.

Group revenue fell 17% to 6.3 billion pounds driven by the loss of retail sales as a consequence of the trading restrictions placed on Primark.

Primark’s adjusted operating profit slumped 90% to 43 million pounds. The retailer does not trade online.

($1 = 0.7147 pounds)