AB Foods Cuts Bosses' Pay as Primark Stores Stay Shut. But It Has An Ace in The Pack.

Callum Keown Barron's Take Consumer ABF.LN AJB.LN HM-B.SK RY4C.DB TW.LN WPP.LN Associated British Foods Associated British Foods AB Foods Cuts Bosses AJ Bell AB Sugar EU Hennes & Mauritz Hennes & Mauritz Primark Stores Primark Ryanair Ryanair Taylor Wimpey Taylor Wimpey WPP WPP Food/Beverages Retail/Wholesale Clothing Stores Specialty Retailing Consumer Goods Food Products Retail Paul Marchant John Bason Russ Europe United Kingdom Western Europe Financial Performance Earnings Management Corporate/Industrial News Executive Pay Content Types Factiva Filters C&E Executive News Filter C&E Industry News Filter ABF.LN AJB.LN ASBFY HM-B.SK I/FBT I/OFP I/RTS I/SAP M/NCY M/RTWS N/CNW N/COMP N/DJN N/ERN N/MNT N/PFM N/WER R/EU R/UK R/WEU RY4C.DB RYA.LN RYAAY TW.LN TWODY WIT.YY WPP WPP.LN Barrons.com Barrons Blogs Wires CODES_REVIEWED Consumer Barron's Take author Callum Keown author|Callum Keown topicid 31 name Callum Keown extractedtext Callum Keown rank 1 codetype author code callum_keown nameformat surname_first author Callum Keown id Callum Keown barrons_display_brand BARTAKE barrons_display_brand|BARTAKE codetype BARRONS_DISPLAY_BRAND canbedisplaybrand true value BARTAKE source MANUAL status modified name Barron's Take code BARTAKE barrons_display_subject BARCONSUMER barrons_display_subject|BARCONSUMER codetype BARRONS_DISPLAY_SUBJECT canbedisplaysubject true value BARCONSUMER source MANUAL status modified name Consumer code BARCONSUMER co abf co|abf country UK symbol ABF.LN displayname Associated British Foods why about extractedtext Associated British Foods source FACTIVA occurs true seoname associated_british_foods orgtype public countrycode UK relevancerange high chartingsymbol STOCK/UK/XLON/ABF fcode abf fullextractedtext Associated British Foods ticker UK:ABF confidence 100 subcat com relevance 76 significance prominent name Associated British Foods confidencerange high exchangeisocode XLON codetype co code abf onlinesignificance prominent co pstorl co|pstorl fullextractedtext Primark displayname Primark confidence 100 why about extractedtext Primark source FACTIVA occurs true subcat com relevance 86 significance prominent name Primark confidencerange high relevancerange high fcode pstorl codetype co code pstorl onlinesignificance prominent co abllhl co|abllhl fullextractedtext AJ Bell country UK symbol AJB.LN ticker UK:AJB displayname AJ Bell confidence 100 why occur extractedtext AJ Bell source FACTIVA subcat com relevance 9 seoname aj_bell significance passing countrycode UK name AJ Bell confidencerange high relevancerange low exchangeisocode XLON chartingsymbol STOCK/UK/XLON/AJB fcode abllhl codetype co code abllhl onlinesignificance passing-mention co bsgr co|bsgr fullextractedtext AB Sugar displayname AB Sugar confidence 100 why occur extractedtext AB Sugar source FACTIVA subcat com relevance 14 significance passing name AB Sugar confidencerange high relevancerange low fcode bsgr codetype co code bsgr onlinesignificance passing-mention co henns co|henns fullextractedtext Hennes & Mauritz country SE symbol HM-B.SK ticker SE:HM.B displayname H&M Hennes & Mauritz AB Series B confidence 100 why occur extractedtext Hennes & Mauritz source FACTIVA subcat com relevance 10 seoname h_m_hennes_mauritz_ab_series_b significance passing countrycode SE name Hennes & Mauritz confidencerange high relevancerange low exchangeisocode XSTO chartingsymbol STOCK/SE/XSTO/HM.B fcode henns codetype co code henns onlinesignificance passing-mention co rynaer co|rynaer country US symbol RY4C.DB displayname Ryanair Holdings why occur extractedtext Ryanair source FACTIVA seoname ryanair_holdings countrycode US relevancerange low chartingsymbol STOCK/US/XNAS/RYAAY fcode rynaer fullextractedtext Ryanair ticker RYAAY confidence 100 subcat com relevance 5 significance passing name Ryanair confidencerange high exchange Nasdaq exchangeisocode XNAS codetype co code rynaer onlinesignificance passing-mention co twod co|twod fullextractedtext Taylor Wimpey country UK symbol TW.LN ticker UK:TW displayname Taylor Wimpey confidence 100 why occur extractedtext Taylor Wimpey source FACTIVA subcat com relevance 5 seoname taylor_wimpey significance passing countrycode UK name Taylor Wimpey confidencerange high relevancerange low exchangeisocode XLON chartingsymbol STOCK/UK/XLON/TW fcode twod codetype co code twod onlinesignificance passing-mention co wirp co|wirp country US symbol WPP.LN displayname WPP why occur extractedtext WPP source FACTIVA seoname wpp countrycode US relevancerange low chartingsymbol STOCK/US/XNYS/WPP fcode wirp fullextractedtext WPP ticker WPP confidence 92 subcat com relevance 5 significance passing name WPP confidencerange high exchange NYSE exchangeisocode XNYS codetype co code wirp onlinesignificance passing-mention co wittin co|wittin why lineage source FACTIVA subcat com fcode wittin codetype co code wittin co euruno co|euruno fullextractedtext EU displayname EU confidence 90 extractedtext EU source FACTIVA subcat none relevance 1 name EU confidencerange high relevancerange verylow fcode euruno codetype co code euruno co AB Foods Cuts Bosses co|AB Foods Cuts Bosses fullextractedtext AB Foods Cuts Bosses displayname AB Foods Cuts Bosses name AB Foods Cuts Bosses extractedtext AB Foods Cuts Bosses source FACTIVA subcat com codetype co code ab_foods_cuts_bosses co Primark Stores co|Primark Stores fullextractedtext Primark Stores Stay displayname Primark Stores name Primark Stores extractedtext Primark Stores source FACTIVA subcat com codetype co code primark_stores co ABF co|ABF symbol ABF.LN country UK codetype co displayname Associated British Foods extractedtext Associated British Foods source MANUAL code uk_abf name Associated British Foods significance prominent exchange U.K.: London exchangeisocode XLON chartingsymbol STOCK/UK/XLON/ABF fcode ABF status modified onlinesignificance passing-mention co HENNS co|HENNS symbol HM-B.SK country SE codetype co displayname H&M Hennes & Mauritz Series B extractedtext Hennes & Mauritz source MANUAL code se_hm_b name Hennes & Mauritz significance prominent exchange Sweden: Stockholm exchangeisocode XSTO chartingsymbol STOCK/SE/XSTO/HM.B fcode HENNS status modified onlinesignificance passing-mention co WIRP co|WIRP symbol WPP.LN country UK codetype co displayname WPP extractedtext WPP source MANUAL code uk_wpp name WPP significance prominent exchange U.K.: London exchangeisocode XLON chartingsymbol STOCK/UK/XLON/WPP fcode WIRP status modified onlinesignificance passing-mention co TWOD co|TWOD symbol TW.LN country UK codetype co displayname Taylor Wimpey extractedtext Taylor Wimpey source MANUAL code uk_tw name Taylor Wimpey significance prominent exchange U.K.: London exchangeisocode XLON chartingsymbol STOCK/UK/XLON/TW fcode TWOD status modified onlinesignificance passing-mention co RYNAER co|RYNAER symbol RY4C.DB country IE codetype co displayname Ryanair Holdings extractedtext Ryanair source MANUAL code ie_ry4c name Ryanair significance prominent exchange Ireland: Dublin exchangeisocode XDUB chartingsymbol STOCK/IE/XDUB/RY4C fcode RYNAER status modified onlinesignificance passing-mention company ABF.LN company|ABF.LN name Associated British Foods significance PASSING-MENTION company HM-B.SK company|HM-B.SK name Hennes & Mauritz significance PASSING-MENTION company AJB.LN company|AJB.LN name AJ Bell significance PASSING-MENTION company WPP.LN company|WPP.LN name WPP significance PASSING-MENTION company TW.LN company|TW.LN name Taylor Wimpey significance PASSING-MENTION company RY4C.DB company|RY4C.DB name Ryanair significance PASSING-MENTION djn ABF.LN djn|ABF.LN significance prominent name ABF.LN why about source FACTIVA occurs true fcode ABF.LN codetype djn code abf_ln onlinesignificance prominent djn ASBFY djn|ASBFY significance prominent name ASBFY why about source FACTIVA occurs true fcode ASBFY codetype djn code asbfy onlinesignificance prominent djn AJB.LN djn|AJB.LN significance passing name AJB.LN why occur source FACTIVA fcode AJB.LN codetype djn code ajb_ln onlinesignificance passing-mention djn HM-B.SK djn|HM-B.SK significance passing name HM-B.SK why occur source FACTIVA fcode HM-B.SK codetype djn code hm_b_sk onlinesignificance passing-mention djn RY4C.DB djn|RY4C.DB significance passing name RY4C.DB why occur source FACTIVA fcode RY4C.DB codetype djn code ry4c_db onlinesignificance passing-mention djn RYA.LN djn|RYA.LN significance passing name RYA.LN why occur source FACTIVA fcode RYA.LN codetype djn code rya_ln onlinesignificance passing-mention djn RYAAY djn|RYAAY significance passing name RYAAY why occur source FACTIVA fcode RYAAY codetype djn code ryaay onlinesignificance passing-mention djn TW.LN djn|TW.LN significance passing name TW.LN why occur source FACTIVA fcode TW.LN codetype djn code tw_ln onlinesignificance passing-mention djn TWODY djn|TWODY significance passing name TWODY why occur source FACTIVA fcode TWODY codetype djn code twody onlinesignificance passing-mention djn WPP djn|WPP significance passing name WPP why occur source FACTIVA fcode WPP codetype djn code wpp onlinesignificance passing-mention djn WPP.LN djn|WPP.LN significance passing name WPP.LN why occur source FACTIVA fcode WPP.LN codetype djn code wpp_ln onlinesignificance passing-mention djn WIT.YY djn|WIT.YY name WIT.YY why lineage source FACTIVA fcode WIT.YY codetype djn code wit_yy djn I/RTS djn|I/RTS significance prominent name I/RTS why about source FACTIVA fcode I/RTS codetype djn code i_rts onlinesignificance prominent djn M/RTWS djn|M/RTWS name M/RTWS why lineage source FACTIVA fcode M/RTWS codetype djn code m_rtws djn I/FBT djn|I/FBT name I/FBT why lineage source FACTIVA fcode I/FBT codetype djn code i_fbt djn I/SAP djn|I/SAP name I/SAP why association source FACTIVA fcode I/SAP codetype djn code i_sap djn M/NCY djn|M/NCY name M/NCY why lineage source FACTIVA fcode M/NCY codetype djn code m_ncy djn I/OFP djn|I/OFP name I/OFP why association source FACTIVA fcode I/OFP codetype djn code i_ofp djn N/COMP djn|N/COMP significance prominent name N/COMP why about source FACTIVA fcode N/COMP codetype djn code n_comp onlinesignificance prominent djn N/ERN djn|N/ERN significance prominent name N/ERN why about source FACTIVA fcode N/ERN codetype djn code n_ern onlinesignificance prominent djn N/PFM djn|N/PFM name N/PFM why lineage source FACTIVA fcode N/PFM codetype djn code n_pfm djn N/MNT djn|N/MNT name N/MNT why lineage source FACTIVA fcode N/MNT codetype djn code n_mnt djn N/CNW djn|N/CNW name N/CNW why lineage source FACTIVA fcode N/CNW codetype djn code n_cnw djn R/UK djn|R/UK significance prominent name R/UK why about source FACTIVA fcode R/UK codetype djn code r_uk onlinesignificance prominent djn R/EU djn|R/EU name R/EU why lineage source FACTIVA fcode R/EU codetype djn code r_eu djn R/WEU djn|R/WEU name R/WEU why lineage source FACTIVA fcode R/WEU codetype djn code r_weu djn N/DJN djn|N/DJN codetype djn value N/DJN source DJN-CONTROL status modified inactivebydefault true name N/DJN code n_djn djn N/WER djn|N/WER codetype djn value N/WER source DJN-CONTROL status modified inactivebydefault true name N/WER code n_wer first_publish_headline AB Foods Cuts Bosses’ Pay as Primark Stores Stay Shut. But It Has An Ace in The Pack. first_publish_headline|AB Foods Cuts Bosses’ Pay as Primark Stores Stay Shut. But It Has An Ace in The Pack. flow NWREGULAR flow|NWREGULAR codetype FLOW value NWREGULAR source MANUAL status modified name Wires code NWREGULAR flow Barrons.com flow|Barrons.com codetype FLOW value Barrons.com source MANUAL status modified name Barrons.com code online name Online title Product code Barrons.com flow Barrons Blogs flow|Barrons Blogs codetype FLOW value Barrons Blogs title Product source MANUAL status modified name Barrons Blogs code Barrons_Blogs headline AB Foods Cuts Bosses’ Pay as Primark Stores Stay Shut. But It Has An Ace in The Pack. headline|AB Foods Cuts Bosses’ Pay as Primark Stores Stay Shut. But It Has An Ace in The Pack. in iretail in|iretail significance prominent name Retail why about source FACTIVA fcode iretail codetype in code iretail onlinesignificance prominent in i64 in|i64 name Retail/Wholesale why lineage source FACTIVA fcode i64 codetype in code i64 in i41 in|i41 name Food/Beverages why lineage source FACTIVA fcode i41 codetype in code i41 in i645 in|i645 name Clothing Stores why association source FACTIVA fcode i645 codetype in code i645 in i654 in|i654 name Specialty Retailing why lineage source FACTIVA fcode i654 codetype in code i654 in icnp in|icnp name Consumer Goods why lineage source FACTIVA fcode icnp codetype in code icnp in ifood in|ifood name Food Products why association source FACTIVA fcode ifood codetype in code ifood media media-16 media|media-16 responsive layout wrap media media-1 media|media-1 media media-2 media|media-2 media media-3 media|media-3 media media-4 media|media-4 media media-5 media|media-5 media media-6 media|media-6 media media-7 media|media-7 media media-8 media|media-8 media media-9 media|media-9 media media-10 media|media-10 media media-11 media|media-11 media media-12 media|media-12 media media-13 media|media-13 media media-14 media|media-14 media media-15 media|media-15 ns cexecp ns|cexecp significance prominent name Executive Pay why about source FACTIVA fcode cexecp codetype ns code cexecp onlinesignificance prominent ns c151 ns|c151 significance prominent name Earnings why about source FACTIVA fcode c151 codetype ns code c151 onlinesignificance prominent ns c15 ns|c15 name Financial Performance why lineage source FACTIVA fcode c15 codetype ns code c15 ns c41 ns|c41 name Management why lineage source FACTIVA fcode c41 codetype ns code c41 ns ccat ns|ccat name Corporate/Industrial News why lineage source FACTIVA fcode ccat codetype ns code ccat ns ncat ns|ncat name Content Types why lineage source FACTIVA internalsymbol true fcode ncat codetype ns code ncat ns nfact ns|nfact name Factiva Filters why lineage source FACTIVA internalsymbol true fcode nfact codetype ns code nfact ns nfcpex ns|nfcpex name C&E Executive News Filter why lineage source FACTIVA internalsymbol true fcode nfcpex codetype ns code nfcpex ns nfcpin ns|nfcpin name C&E Industry News Filter why lineage source FACTIVA internalsymbol true fcode nfcpin codetype ns code nfcpin nwchain SB503209352039206146753045863010011930617601 nwchain|SB503209352039206146753045863010011930617601 pe 177685668 pe|177685668 lastname Marchant displayname Marchant, Paul confidence 100 why occur extractedtext Paul Marchant source FACTIVA relevance 50 significance passing firstname Paul name Paul Marchant confidencerange high relevancerange low fcode 177685668 codetype pe code 177685668 nameformat surname_first onlinesignificance passing-mention pe 92809 pe|92809 lastname Bason displayname Bason, John confidence 100 why occur extractedtext John Bason source FACTIVA relevance 50 significance passing firstname John name John Bason confidencerange high relevancerange low fcode 92809 codetype pe code 92809 nameformat surname_first onlinesignificance passing-mention pe Russ pe|Russ lastname Russ displayname Russ name Russ extractedtext Russ source FACTIVA codetype pe code russ nameformat surname_first re uk re|uk significance prominent name United Kingdom why about source FACTIVA subcat cntry fcode uk codetype re code uk onlinesignificance prominent re eurz re|eurz name Europe why lineage source FACTIVA subcat snr fcode eurz codetype re code eurz re weurz re|weurz name Western Europe why lineage source FACTIVA subcat sc fcode weurz codetype re code weurz relay SYND relay|SYND name Syndication source EXPANDER value SYND codetype RELAY code synd status modified statistic CODES_REVIEWED statistic|CODES_REVIEWED name CODES_REVIEWED value CODES_REVIEWED codetype STATISTIC code CODES_REVIEWED subject BARCONSUMER subject|BARCONSUMER ruleid BARCONSUMER codetype SUBJECT value BARCONSUMER canbedisplaysubject true name Consumer title Consumer status modified code BARCONSUMER subject BARTAKE subject|BARTAKE ruleid BARTAKE codetype SUBJECT value BARTAKE canbedisplaybrand true name Barron's Take title Barron's Take status modified code BARTAKE wordcount 625 wordcount|625 id facebook id|facebook news_tab_url https://www.barrons.com/articles/ab-foods-cuts-bosses-pay-as-primark-stores-stay-shut-but-it-has-an-ace-in-the-pack-51585912150 Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images AB Foods Cuts Bosses’ Pay as Primark Stores Stay Shut. But It Has An Ace in The Pack. AB Foods Cuts Bosses’ Pay as Primark Stores Stay Shut. But It Has An Ace in The Pack. AB Foods Cuts Bosses’ Pay as Primark Stores Stay Shut. But It Has an Ace in the Pack.

Primark owner Associated British Foods (ABF) fell on Friday, as the British conglomerate warned on profits and top executives took a 50% pay cut.

AB Foods Cuts Bosses’ Pay as Primark Stores Stay Shut. But It Has An Ace in The Pack.

Primark owner Associated British Foods (ABF) fell on Friday, as the British conglomerate warned on profits and top executives took a 50% pay cut.

https://www.barrons.com/articles/corporate-earnings-covid-19-market-bottom-sales-recover-peak-trough-51585776853?mod=hp_LEAD_4 https://www.barrons.com/articles/european-stocks-and-u-s-equity-futures-in-the-red-as-investors-brace-for-data-and-coronavirus-headlines-51585906320?mod=hp_LEAD_1 https://www.barrons.com/articles/associated-british-foods-stock-falls-on-warning-over-primark-margins-51568026165 https://www.barrons.com/articles/ab-foods-rises-as-primark-sales-and-sugar-boost-sweeten-the-deal-for-investors-51579175685 AB Foods Cuts Bosses’ Pay as Primark Stores Stay Shut. But It Has An Ace in The Pack. By Callum Keown Getty Images Primark’s largest Spanish store in Madrid — all 376 global Primark stores are currently closed due to coronavirus.

Primark owner Associated British Foods (ABF) fell on Friday as the British conglomerate warned on profits and top executives took a 50% pay cut.

The stock slipped 2.2% as the company said full-year earnings would be “much lower” than expected, as all of Primark’s global stores have been closed.

However, the British conglomerate behind Twinings and Ovaltine said its sugar, grocery, ingredients and agriculture businesses had seen no material impact so far amid the global pandemic.

Primark Chief Executive Paul Marchant, ABF Chief Executive George Weston and group finance director John Bason have all taken a 50% pay cut, while nonexecutive directors have had their pay reduced by 25%.

ABF said the board was “acutely aware that many Primark employees will see their livelihoods affected by Covid-19.”

See: Here’s How Bad Earnings Could Be

The discount retailer closed all of its 376 stores across 12 countries — including the U.S. — in March and said it was facing a loss of £650 million net sales a month until they could reopen. It hoped to recover 50% of total operating costs through a number of measures, including a spending reduction and using the government’s various support packages. Primark has also reportedly refused to pay rent to some of its U.K. landlords as part of negotiations to reduce rent amid the crisis.

Read: Global Stocks Fall as Coronavirus Cases Top One Million

The British clothing retailer doesn’t have an online presence, which has mitigated some of the damage for a number of its peers. Swedish fast-fashion retailer Hennes & Mauritz said on Friday online sales jumped 48% in the first quarter.

AB Sugar — one of the world’s largest producers — had been dragging the company’s performance down in recent years due to lower EU prices, before delivering a strong end to 2019.

Looking ahead. “Directors taking a pay cut is the right thing to do, particularly if there are staff furloughed and receiving less than they normally would. It sends the message that everyone is in it together rather than just some of the workforce suffering the pain,” AJ Bell investment director Russ Mould said.

Advertising giant WPP, house builder Taylor Wimpey and Ryanair bosses have also taken pay cuts in recent days and Mould expected many more to follow in the days ahead.

Primark has been the company’s star performer for a number of years but now it is time for the other businesses to step up and carry the group. Their role is especially important as Primark doesn’t have an online operation — although some peers, including Next, have suspended online sales due to staff safety. The company will need a sugar boost and more to get it through the crisis.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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