That's the results, that is. Better than expected.
'Slightly better, boss.'
What?!
'The results are slightly better ... than expected.'
Yeah, that's what I said, idiot!
Bloody hell!
'Don't get upset.'
I'm not upset.
Anyway ...
Associated British Foods, owner of Primark, has announced a pre close trading statement:
Retail sales expected to be around £9.0bn, 15% ahead of sales last year with like-for-like sales growth of 9%
Good growth in Grocery, Ingredients and Sugar
Outlook for this financial year is slightly better than previous expectations of Group adjusted operating profit to be moderately ahead of last year
You see? That's from Wealth Club.
'Where's Charlie?'
What Charlie? Charlie who?
'That Charlie they have. The normal one.'
Well, I'm not sure there's anything normal about him. But you mean Charlie Huggins.
'That's right. Charlie Huggins. Where is he?'
He's here with us now, Voice. Just waiting to speak.
'Nice one!'
Charlie? Come on, son.
Charlie Huggins, manager of the 'Quality Shares Portfolio' at Wealth Club, comments:
"A strong performance from AB Food's non-retail divisions has led to a modest increase to profit expectations for the year. Sales remained strong at Primark, which is impressive given the tough economic environment and unhelpful weather conditions, although margins were slightly weaker than expected due to higher theft.
"Encouragingly, the inflationary headwinds for Primark appear to be abating. The group expects Primark's margins to recover strongly next year driven by lower material costs, a weaker US dollar and lower freight costs, all of which have improved in recent weeks. This should help drive a stronger profit performance next year, even if pressures on the consumer persist.
"The sales performance from Primark this year has been very solid. This is impressive given the recent demise of Wilko's and the travails of other High Street brands. It shows that the High Street isn't dead and shoppers still love a bargain, but you need a brand that resonates strongly with consumers. Primark has that. This should leave it strongly positioned whichever way the economic winds blow."
Thanks, Charlie.
'He was better than expected, boss ... our Charlie, like.'
I wasn't expecting anything.
'Oh.'
ENDS
ENDS
ENDS
...
Anything else?
I'm writing in the night because of the rain.
'Put Apollo on!'
I'm not in the mood, man.
Poetry?
Yeats is the greatest poet since Shakespeare. Forget about Dante. You know, what Wilson/Coogan said.
'Who's Wilson Coogan, boss? Is he American?'
I'm not in the mood.
'Okay.'
I'm not in the mood.
This rain.
'I think it's stopped.'
Maybe. But it might come back.
I hope it doesn't come back. I want to sleep. I'm tired.
'But this is your fresh start. Just like Xavier! Sleep under your desk.'
I don't have a desk.
'Sleep under your bed then.'
Shut up.
ENDS
ENDS
ENDS
