Primark sales are set to have jumped by more than 60 per cent over the latest six months as parent company Associated British Foods (ABF) hailed the recovery of the fashion business.
ABF said the impact of inflation on raw materials and Primark’s supply chain was offset by cost-cutting and currency changes during the half-year.
However, it said its grocery business, which includes brands such as Ryvita and Twinings, has seen profit margins impacted by surging costs, and confirmed it will increase the price of some products.
