UK's AB Foods shares fall on shrinking Primark sales
EWU•AB Foods shares fall as Primark sales weaken
Shares of Associated British Foods ABF.L fell as much as 10.4% to 1809 pence, on track for their biggest one-day percentage decline since January if losses hold.
The stock was the top loser on the FTSE 100, which was up 0.1%.
ABF said Primark's like-for-like sales were expected to be down 3.0% in the fourth quarter to Sept. 12. In continental Europe, where consumer confidence remains weak, like-for-like sales were down around 4.3% in the quarter.
"ABF's Q4 trading results show muted end to year for Primark led by underwhelming Europe sales," Jefferies analysts said in a note.
The company said group adjusted operating profit was expected to be broadly in line with previous expectations.
It also said it would offer home delivery in the UK in future.
The stock was down about 5.03% year to date.
