AB Foods news and archive

Primark profits under pressure due to weak pound and high inflation

Primark has seen an increase in foot traffic as its store visits returned to pre-pandemic levels, resulting in a 19 percent sales boost. However, despite this growth, the company's profits are under pressure due to a weak sterling and high inflation. Shares of Primark's parent company, AB Foods, fell 3.6 percent on Tuesday as shoppers prioritise...

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Primark takes 284 million pound hit from excess stock

Primark parent company AB Foods has shed more light on the impact the Covid-19 pandemic has had on the fast-fashion retailer, revealing that it has taken a 284 million pound hit from stock it can no longer sell due to store closures. For the 24 weeks to February 29, Primark’s revenue increased 4 percent to 3.71 billion pounds, but the 376-strong...