AB Foods' Primark Margins Likely to Boost Shareholder Returns -- Market Talk

Dow Jones04-23

0802 GMT - AB Foods' 1H performance was significantly ahead of market expectations driven by a jump in profit margins at its retail arm Primark, ensuring the potential for further shareholder returns, Liberum analysts Anubhav Malhotra and Wayne Brown say in a note. "Primark's store expansion program, further margin potential, and return on investments into capacity expansion in food should combine to deliver double-digit shareholder returns, including 5%-6% via dividends and buybacks over the medium term," they say. Primark's guidance for full year was upgraded as 2H margins are expected to be slightly above the 11.3% in 1H, the analysts add. Shares are up 8.9%, leading the FTSE 100 index. (michael.susin@wsj.com)

(END) Dow Jones Newswires

April 23, 2024 04:03 ET (08:03 GMT)

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Primark's guidance for full year was upgraded as 2H margins are expected to be slightly above the 11.3% in 1H, the analysts add. Shares are up 8.9%, leading the FTSE 100 index. 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