The firm's owner said the soaring cost of living is putting households under pressure.
"We believe this decision is in the best interests of Primark."
In a statement on Tuesday, ABF said that the retail sector had started to recover from lockdowns seen during the coronavirus pandemic, but "the full consequences of the current cost-of-living crisis remain uncertain." The food side is expected to grow significantly this year as it hikes prices for customers, and AB Foods will also bring in some extra cash from the already planned price rises at Primark.
"However, there's a perfect storm of cost pressures facing the retailer from spiralling input and operating costs and the impact of a weaker pound and rising interest rates."
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