ABF earnings: next results and guidance
ABF's next results are expected on November 3, 2026. Watch whether Primark's new stores offset weaker like-for-like sales while its margin holds.
What has ABF guided for the year?
Management expects Primark sales growth of 2% in 2026 despite like-for-like sales down 2.6%, with new stores contributing 5% to growth. For 2027, it targets a 4% contribution from new space and an adjusted operating margin around 10%. Sugar guidance allows for a 2027 adjusted operating loss of £70 million to £170 million.
| Period | Low | High | Given on | |
|---|---|---|---|---|
| New space growth contribution to sales growth — Retail — 2027 | Year to Sep 2027 | 4.0% | 4.0% | 10 Sep 2026 |
| Adjusted operating margin — Retail — 2027 | Year to Sep 2027 | 10.0% | 10.0% | 10 Sep 2026 |
| Financial year length — Primark (weeks) — 2027 | Year to Sep 2027 | 53 | 53 | 10 Sep 2026 |
| Adjusted operating loss — Sugar (£ millions) — 2027 | Year to Sep 2027 | -170 | -70 | 10 Sep 2026 |
| Sales growth — Primark — 2026 | Year to Sep 2026 | 2.0% | 2.0% | 10 Sep 2026 |
| Like-for-like sales growth — Primark — 2026 | Year to Sep 2026 | -2.6% | -2.6% | 10 Sep 2026 |
Did ABF meet its past performance test?
The longer-term Restricted Share Plan, or RSP, works over roughly three years. Its “underpin” is a minimum test: even if the award is not tied to one simple formula, the committee can reduce it if overall performance does not justify the shares. For the first cycle, covering 2022–25, the committee said the underpin was met. It cited average return on capital of 16.11% and earnings-per-share growth of 33% over the three-year period.
What has ABF's revenue and profit trend been?
| 6 months to Feb 2026 | 6 months to Sep 2025 | 6 months to Mar 2025 | 6 months to Sep 2024 | 6 months to Mar 2024 | 6 months to Sep 2023 | 6 months to Mar 2023 | 6 months to Sep 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9,470 | 9,950 | 9,509 | 10,339 | 9,734 | 10,190 | 9,560 | 9,115 |
| Operating income | 657 | 773 | 710 | 1,001 | 931 | 720 | 663 | 492 |
| Net income | 445 | 505 | 520 | 792 | 663 | 517 | 527 | 224 |
| EPS, diluted | 62.70 | 70.60 | 71.00 | 106.30 | 87.40 | 67.20 | 67.00 | 28.30 |
What this means. The periods called six months are not equal in length: the first halves cover 24 weeks, while the second halves cover 28 weeks.
What should ABF watch in the next results?
The first checkpoint is the 2026 annual-results announcement scheduled for 3 November 2026. It should show where Sugar’s loss landed within its guidance, whether group adjusted earnings per share came in ahead as expected, and whether Primark’s new stores compensated for weaker like-for-like sales while its margin held.
The larger test is Sugar in 2027. European prices, gas, the UK beet crop, African production, weather and currencies will determine whether the loss is nearer the mild or severe end of management’s range. At the same time, ABF must control separation costs and show that Primark and Food can stand alone as the planned December 2027 demerger approaches.