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Opening Quote: Fashion and sugar boost profits at Associated British Foods

Summary:
Fashion and sugar boost profits at Associated British Foods. FT Opening Quote is your early Square Mile briefing. You can sign up for the full newsletter here. Demand for sugar and low-cost fashion, as well as exchange rates working in its favour, helped Associated British Foods report a stronger than expected third quarter.The owner of retail chain Primark and brands such as Twinings and Ovaltine said its underlying operating performance during the three months to June 24 – the third quarter of its financial year – was ahead of its own forecasts thanks in particular to improved profitability at Primark.Reported revenue was up by 20 per cent year-on-year, boosted by the weak pound. Without the beneficial impact of foreign exchange rate moves sales would have increased 13 per cent.This is a

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Fashion and sugar boost profits at Associated British Foods. FT Opening Quote is your...

Siona Jenkins
Former Cairene; FT Middle east news editor. Views my own.

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