Executive Summary

• Associated British Foods (ABF) reported results for 1H19, ended March 2. This report focuses on results for Primark, the company’s retail business.
• Primark grew 1H19 sales 4.0% at constant currency to £3.63 billion (up 4% as reported), marginally ahead of consensus, driven by increased retail selling space.
• Primark kept its FY19 outlook unchanged, with adjusted operating profit and adjusted earnings per share for FY19 expected to be in line with FY18.