Highlights

  • Associated British Foods reported group revenue broadly in line with January estimates.
  • Retail revenue increased year over year, while several non-retail segments declined.
  • Primark total sales grew slightly, with contrasting regional performance trends.

Associated British Foods plc (LSE:ABF) shares was traded at GBX 1,881.00 at the time of wring on 22 January 2026, gaining 1.13%, on the day. The move followed the company’s trading update covering the 16 weeks to 3 January 2026, issued in line with estimates previously released on 8 January 2026.

Group Revenue Overview
For the 16-week period, ABF reported group revenue of GBP 6,759 million. At actual currency, this was in line with prior estimates and reflected a 1% increase year over year. At constant currency, group revenue declined by 0.9%, broadly consistent with the earlier guidance range.

The update compared actual performance with both earlier estimates and the same period last year, providing visibility across the company’s diversified operating segments.

Retail and Grocery Performance
The Retail segment generated revenue of GBP 3,502 million during the period. This represented growth of 4.2% at actual currency and 1.5% at constant currency, exceeding the previously estimated range in nominal terms.

Grocery revenue totalled GBP 1,385 million and was reported as in line with expectations. At constant currency, grocery revenue increased by 0.7%, broadly matching the anticipated 1% growth range outlined earlier in January.

Ingredients, Sugar, and Agriculture
The Ingredients business recorded revenue of GBP 667 million, reflecting a decline of 2.9% at actual currency and 2.1% at constant currency. These results were aligned with the estimates provided earlier in the month.

Sugar revenue came in at GBP 675 million. This represented a 4.3% decline at actual currency and a 6.9% decrease at constant currency, compared with estimated declines of 2% and 5%, respectively.

The Agriculture segment reported revenue of GBP 521 million, down 4.1% at both actual and constant currency. Performance in this segment was consistent with earlier estimates.

Primark Regional Sales Trends
Primark’s revenue performance showed mixed regional outcomes. Overall, Primark reported a 2.7% decline in like-for-like sales, while total sales increased by 1% year over year. These figures were unchanged from the estimates released on 8 January 2026.

In the UK only, like-for-like sales rose by 1.7%, with total sales increasing by 3%. Across the UK and Ireland, which accounted for 45% of total Primark sales, like-for-like growth was 1.1% and total sales growth was 2%.

Europe, excluding the UK and Ireland, represented 49% of total sales and recorded a 5.7% decline in like-for-like sales, with total sales down 1%. In contrast, the US market, accounting for 6% of sales, reported total sales growth of 12%.