£1.8bn hit is forcing Primark to cut prices

THE owner of fashion giant Primark suffered a £1.8billion hit yesterday as it warned the chain was forced to slash prices to shift unwanted stock.

- BY GRAHAM HISCOTT, Business & Consumer Editor

Primark has boomed for years, focusing on the high street rather than online.

But the store has been caught out by weak consumer confidence and cutthroat competition.

One analyst warned: "It's a far cry from the halcyon days where Primark could do no wrong."