Primark pledges to hold prices despite £1bn ABF inflation hit

PRIMARK'S owner ABF has taken a £1billion hit from rising costs, but has pledged not to pass them on to shoppers as its fights to keep its reputation as cheapest player on the high street.

- Simon English

Shoppers are back in stores at near pre-pandemic levels in what CEO George Weston sees as a vindication of the brands avoidance of internet sales. For the year to September sales jumped 22% to nearly £17 billion at parent group ABF, which includes the Silver Spoon sugar arm.

Chief executive George Weston says customers are cautious. "We are seeing a change in shopping behaviour," he told the Standard. "Our footfall is up but the basket size is down, people are buying less, but coming into stores in greater numbers.