Primark-owner Associated British Foods posts profit fall, but backs guidance

Associated British Foods PLC said Tuesday that adjusted operating profit for the first half of fiscal 2023 fell, but backed its full-year guidance amid robust sales growth and less volatile inflation, and raised its dividend payout.

The British conglomerate UK:ABF posted an adjusted operating profit—-which strips out exceptional and other one-off items–for the 24 weeks ended March 4 of 684 million pounds ($854 million), compared with GBP706 million for the year-earlier period.

The…