Apr 26, 2022

Primark to lift prices as inflation dents owner profits

Primark owner Associated British Foods has said it will raise prices to offset the impact of rising inflation, which it warned is set to drag down profits this year and next. "Wheat prices have gone up in two waves, gas prices have quadrupled and more and distribution relies on diesel." House broker Credit Suisse reduced its earnings forecasts by 8.6 per cent for the current year and by 14.1 per cent for the year to September 2023. Primark's sales were up 59 per cent year on year to £3.54bn in the 24 weeks to March 6, with adjusted operating profit of £414mn against just £43mn in the same period last year. Group pre-tax profit in the first half more than doubled to £635mn after sales rose 25 per cent to £7.88bn, largely reflecting the recovery at Primark.

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