AB Foods: Primark hit by weak consumer sentiment

Value fashion chain Primark, which is set to be spun off, has recorded a decline in sales in its third quarter. Like-for-like sales fell by 2.2 percent in the three months to June 20, parent company AB Foods announced on Wednesday.

Primark was affected by the challenging consumer environment. The British conglomerate, which also operates in the sugar, agriculture and food ingredients sectors, announced in April that it would spin off Primark after more than three decades.

AB Foods also expects a further deterioration in its sugar business, following a rise in energy prices due to the conflict in the Middle East. The company's shares fell by almost 3 percent in morning trading.

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