Overview
- ABF warned group adjusted operating profit and adjusted EPS will come in below last year after a disappointing festive period at Primark.
- Primark’s like-for-like sales fell 2.7% in the 16 weeks to Jan. 3, with the UK up 1.7% and continental Europe down 5.7%.
- Heavier-than-usual markdowns to clear stock squeezed margins, and Primark’s first-half 2026 sales growth is now guided to low single digits.
- ABF shares dropped roughly 11%–13% on Jan. 8, with a modest rebound reported the following day.
- The company also cut forecasts for grocery and ingredients on softer U.S. demand, while a CMA in-depth probe into the Hovis deal adds regulatory uncertainty.