Associated British Food: Revenue rose in the quarter

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The Associated British Foods said revenue for the third quarter had risen, with Primark revenue exceeding pre-pandemic levels, and said it would try a click and collect service at some stores in the UK.

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The British group reported revenue for the quarter to May 28, amounting to 4.05 billion pounds ($ 4.95 billion), up 32% from the same period last year.

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The FTSE-100 listed company said Primark’s revenue rose 81% to 73 1.73 billion as all its stores were open during the period.

Sales in the quarter were 4% higher than pre-pandemic levels three years ago. Primark is on track to achieve a customized operating margin of 10% for the entire year.

The company said it would begin testing a click and collect service at up to 25 Primark stores, with an initial offering of baby clothes and products by the end of the year.

The service will allow customers to order stores online and pick them up from the store.

“The expansion of the offer will be particularly attractive for our customers who do not shop regularly in our largest stores,” he stressed.

Total revenue from food business rose 10% to 2, 2.32 billion thanks to pricing measures taken to recover input input inflation.

Source: Capital

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