Shares in Associated British Foods (ABF), the owner of Primark, fell 2.5% after the company warned that profits will fall again next year.
The FTSE 100 group expects adjusted operating profit and earnings per share in 2027 to come in below this year's levels, mainly because of losses in its sugar business.
It forecasts a sugar loss of between £70 million and £170 million, depending on gas costs, weather in Africa and currency movements.
Adjusted operating profit fell 14% at constant currency to £1.51 billion in the year to 12 September, with revenue broadly flat at £19.6 billion.
Constant currency figures strip out the effect of exchange rate movements.
Primark was the main drag, with profit down 12% to £1.01 billion as the retailer cut prices and spent more on marketing and digital.
Its sales rose 2% to £9.8 billion, helped by new stores, but like-for-like sales, which exclude new openings, fell 2.6%.
The UK held up, with like-for-like sales up 0.5% and market share gains, but continental Europe fell 4.7%.
George Weston, chief executive, said the UK and womenswear had outperformed, and the company would now apply the same approach to Europe and other categories.
In the food business, the sugar division swung to a £47 million loss on lower European prices.
Grocery profit fell 11%, hit by weak US demand for cooking oils, while ingredients profit dropped 8%.
ABF kept its total dividend unchanged at 63p a share and bought back £253 million of shares during the year.
Shore Capital, the broker, left its forecasts unchanged, pencilling in adjusted earnings per share of 146p for 2027, down about 5% on this year's 156p.
It also expects the dividend to be held at 63p, but does not anticipate any special payouts or a return of share buybacks while the demerger costs mount.
Analysts Clive Black and Darren Shirley described ABF as being in a state of limbo while the separation proceeds.
They said the shares were neither demanding nor a bargain, and kept their hold rating with a target price of 1,910p.
Shore expects earnings to recover to around 171p a share in 2028, by which time the group should have split.
The demerger of Primark from the food business remains on track for December 2027.
