AB Foods' Guidance on Sugar Implies a Sharp Downgrade -- Market Talk

Dow Jones09-05

0759 GMT - AB Foods released a weak update for FY 2024 reflecting Primark's lackluster trading, a slight miss to FY 2024 EBIT and a material downgrade to FY 2025 forecasts, given its guidance for sugar division, Citi analysts say in a note. The British conglomerate's FY 2024 EBIT guidance suggests a 2% downgrade to Citi's numbers, and a 2% cut for Primark's EBIT forecast, given the ongoing weakness in comparable sales growth, the analysts say. However, the sugar division's FY 2025 guidance of operating profit between 50 million pounds and 75 million pounds was the most problematic as it implies 9% downgrade to group EBIT, the analysts add. Shares are down 3.8%, but up more than 20% on a 12-month basis. (michael.susin@wsj.com)

(END) Dow Jones Newswires

September 05, 2024 04:01 ET (08:01 GMT)

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However, the sugar division's FY 2025 guidance of operating profit between 50 million pounds and 75 million pounds was the most problematic as it implies 9% downgrade to group EBIT, the analysts add. Shares are down 3.8%, but up more than 20% on a 12-month basis. 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