Primark owner says higher costs, weaker consumer to weigh on 2022-23 outcome By Reuters


© Reuters. FILE PHOTO: Customers walks with shopping bags, as retail store Primark in Birmingham, Britain reopens its doors after a third lockdown imposed in early January due to the ongoing coronavirus disease (COVID-19) pandemic, April 12, 2021. REUTERS/Carl Recin

LONDON (Reuters) – Primark owner Associated British Foods (OTC:) reported a 42% increase in 2021-22 profit but reiterated its forecast for a drop in profit in its current year due to higher energy and currency costs and consumers’ declining disposable income.

The group, which also owns major sugar, grocery, ingredients and agricultural businesses, said on Tuesday it made a year to Sept. 17 adjusted operating profit of 1.435 billion pounds ($1.65 billion), up from 1.01 billion pounds in 2020-21, mainly reflecting a jump in Primark’s sales after the end of COVID-related restrictions.

($1 = 0.8705 pounds)

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