Associated British Foods which also runs large grocery, ingredients and agriculture operations, said the backdrop is still ‘challenging’.
The parent firm of Primark has revealed a jump in profits and sales as shoppers continued to shop “enthusiastically” at the fashion chain despite price rises and budget pressures.
AB Foods added that profit from the fashion retailer, which has 432 shops globally, is set to see profits rise further as it benefits from lower raw material and freight costs. Sales in its grocery business, which includes brands such as Twinings, Ryvita and Patak’s, grew by 12% to £4.2 billion after passing higher costs on to consumers.
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