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ABF to Demerge Primark as Profits Fall

Primark reported sales of £4.66 bn ($5.9 bn) in the 24 weeks to 28 Feb 2026, a 2% year‑on‑year increase, but adjusted operating profit fell 13% to £471 m ($600 m) as margins slipped to 10.1%. The UK market delivered 1.3% like‑for‑like growth, while Europe lagged with a 5.6% decline and the US surged 12% on new stores. Associated British Foods (ABF) announced a demerger that will spin off Primark and rename the remaining food arm “FoodCo”, with both entities slated for London listing by end‑2027. The split is expected to cost about £75 m ($95 m) and generate less than £45 m ($57 m) in dis‑synergies.