AB Foods first half profit halves on Primark hit

Shoppers flocked to Primark stores when they reopened on April 12th.

But having been shut for months, its owner has taken a hit.

Associated British Foods on Tuesday reported a halving in first half profit.

Adjusted profit before tax fell to $446 million for the six months to the end of February.

The group also owns major sugar, grocery, agriculture and ingredients businesses.

But the loss was driven by lower clothing sales as most of Primark's stores were closed for more than half the period.

Group revenue fell 17% to 8.8 billion dollars.

Primark, which does not trade online, saw its adjusted operating profit slump 90%.

Shares in AB Foods fell as much as 3% in morning trade.

However, the group said Primark recorded record sales in England and Wales in the week after stores reopened.