We have a very strong pipeline of new stores in Europe extending over a number of years. With our current phasing of store openings, we now expect a net increase in retail selling space in this financial year of 1.2 million square feet, which is actually 1.4 million square feet of additions less 0.2 million square feet of closures arising where old stores are too small or have been relocated. We then expect the increase in selling space in the next financial year to be a little less than 1.0 million square feet, to be followed in the autumn of 2015 by a strong programme of openings.
Associated British Foods plc issues its third quarter management statement, in accordance with the requirements of the UK Listing Authority's #
Financial position
The cash flow continued to benefit from much improved working capital. Capital expenditure year-to-date is £70m higher than last year with a higher proportion spent on new stores for Primark. Net debt at 21 June 2014 was £287m lower than the half year at £540m, and a further reduction is expected by the year end.
Associated British Foods plc issues its third quarter management statement, in accordance with the requirements of the UK Listing Authority's #
Trading outlook
Full year adjusted earnings per share are now expected to be ahead of last year, with better profit progress in Retail, Grocery and Ingredients offsetting the adverse effects of lower sugar prices and the strengthening of sterling.
Associated British Foods plc issues its third quarter management statement, in accordance with the requirements of the UK Listing Authority's #
Associated British Foods plc
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