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...

Management

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...