The key takeaways from Associated British Foods’ (ABF) Q1-23 statement include the stronger-than-anticipated performance at Primark (LFL growth +15%), with trading and adjusted operating margin above expectations. Non-retail growth was strong, buttressed by ongoing pricing actions. While cost pressures remain ‘significant’, inflation volatility has declined and some commodity costs have softened. ABF reiterated full-year guidance and, as such, we envisage no material changes to our forecasts.
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