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Thursday, May 26, 2022
HomeLatest NewsPrimark owner hurt in the stock market, saying he will raise prices...

Primark owner hurt in the stock market, saying he will raise prices due to inflation

Primark will follow the example of Inditex and raise prices to cope with inflation. Owner’s decision Associated British Food (AB Foods)which also owns other food businesses, fell on the London Stock Exchange. more than 7% at opening despite nearly doubling its earnings through March. In particular, the British company received an adjusted operating profit of 706 million pounds (841 million euros). Their income also increased by 25%.

Shares of AB Foods fell 7.3% after the first minutes of trading. Moments later, it softened the fall and finally closed down 5%. Since January, its price has decreased by almost 23%..

Primark’s sales are up almost 60% thanks to almost unlimited activity. However, “looking ahead, inflationary pressures are such that we can’t offset them all with cost savingstherefore, Primark will conduct selective price increases on some fall/winter stocks,” George Weston, chief executive of AB Foods, said on an earnings call. However, he reaffirmed his commitment to “provide price leadership and availability every day, especially in the face of greater economic uncertainty.”

Collectively, AB Foods managed to bring its sales and operating profit back to pre-crisis levels. Food businesses have “once again demonstrated their operational resilience,” Weston said, although the industry has also taken action “to mitigate higher costs across all of our businesses and we are planning moreDespite inflationary pressures, his forecast for the year calls for “significant progress in adjusted operating income and earnings per share.”


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