Primark to increase prices amid inflation hike

Despite strong sales growth recovery, Primark has told customers it will increase prices due to the 30-year high inflation rate.

The budget retailer recorded sales of £3.5 billion in the six months to 5 March.

“Looking further ahead, inflationary pressures are such that we are unable to offset them all with cost savings, and so Primark will implement selective price increases across some of the autumn/winter stock,” said George Weston, chief executive of Primark-owner Associated British Foods (ABF).

The company said that consumer footfall remained weak across continental Europe, while in the US it was trading well.

Overall revenue for ABF was up 25 per cent to £7.8 billion.

Earlier this month the fast-fashion brand launched a new website which enables customers to check stock availability in their local store.

Despite the new focus on digital, the retailer said it won’t be considering home delivery in the future because it wouldn't be able to keep the same low prices if this was offered.

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