This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at https://www.bbc.co.uk/news/business-63553057

The article has changed 8 times. There is an RSS feed of changes available.

Version 0 Version 1
Primark owner says customers face difficult choices as costs rise Primark owner says customers face difficult choices as costs rise
(32 minutes later)
The owner of Primark has warned consumers face tough choices on "what they spend and where they spend it" as it reported a big rise in sales.The owner of Primark has warned consumers face tough choices on "what they spend and where they spend it" as it reported a big rise in sales.
Associated British Foods (ABF) said high inflation, rising interest rates and "general economic uncertainty" were making consumers cut back. Associated British Foods (ABF) said higher costs, rising interest rates and "general economic uncertainty" were making consumers cut back.
Sales at Primark rose to £7.7bn in the 12 months to September, up 43% on a year ago. ABF said that it would not push up prices for clothes at Primark by more than already planned.
Sales at Primark rose to £7.7bn in the year to September, up 43% year-on-year.
But ABF warned that group profits could fall this year.But ABF warned that group profits could fall this year.
"The full consequences of the current cost-of-living crisis remains uncertain," it said in a statement. In its full-year results, ABF said that the retail sector had started to recover from lockdowns seen during the coronavirus pandemic, but "the full consequences of the current cost-of-living crisis remain uncertain."
ABF said that it would not push up prices for clothes at Primark by more than already planned in an attempt to keep a hold of its reputation for cheap, on-trend, fashion.
The company said: "Given a context of a likely reduction in consumer disposable income we have decided this year not to implement further price increases on the autumn/winter and spring/summer ranges beyond those already implemented and planned.
"We believe this decision is in the best interests of Primark."
It had previously come under fire on social media as shoppers posted videos and photos of stickers with new, higher prices, being added to labels.
George Weston, the boss of ABF, said that although the company faced rising costs of materials and energy too, it wanted to "stand by our customers".
AB Foods said that overall revenue - including its food and sugar divisions - reached £17bn, up 22% while pre-tax profit grew by 48% to £1.1bn.