Associated British Foods, the owner of Primark, has adopted a cautious stance looking ahead after reporting another slump in profits. Pre-tax profits for the parent company slipped by 14% to £1.46 billion, while retail profits across Primark weakened by around 11% ahead of a planned de-merger to split off the brand in a stock market listing by December next year. Chief executive George Weston highlighted a challenging consumer environment, macroeconomic headwinds, and cost inflation driven by higher energy costs linked to the conflict in the Middle East. Although total sales rose to £9.8 billion driven by international expansions in Europe, the US, and the Middle East, like-for-like sales declined by 2.6%. The company stated it is not planning price increases this year and remains focused on value perception, particularly as European consumer sentiment continues to show weakness. Fuente: The Independent
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