Primark owner warns over profits after disappointing festive sales

Primark sales edged around 1.7% higher like-for-like in the UK over the 16 weeks to January 3 (PA) - (PA Wire)

Primark owner Associated British Foods has seen its shares slump after warning over profits as sales across the discount clothing chain disappointed in “difficult” Christmas trading.

Shares in the group were 12% lower in early trading on Thursday as AB Foods revealed Primark sales edged around 1.7% higher like-for-like in the UK over the 16 weeks to January 3 and fell 5.7% across Europe.