Primark issues major announcement on price rises over the next year

dailyrecord.co.uk:

High street fashion giant Primark has made a major announcement regarding its prices amidst the current soaring cost of living crisis.

The budget retailer's owners have confirmed that it will not be increasing its prices between now and next autumn, despite the company facing rising costs.

Associated British Foods (ABF), Primark's parent company, has announced that it will be holding its prices for the new financial year to remind cash-strapped shoppers they are still a cheap alternative to other high street retailers.As a result, the fast fashion chain has confirmed that customers will not see any further price rises across the companies ranges in stores, except for those that have already been put in place.The announcement comes after Primark announced earlier this year that it would be increasing their prices this autumn due to the rising costs of inflation and raw materials.

Chief executive George Weston said: “Primark has faced significant input cost inflation and sharply moving currency exchange rates."We have decided to hold prices for the new financial year at the levels already implemented and planned, and to stand by our customers, rather than set pricing against these highly volatile input costs and exchange rates."ABF has said that the new price move is "in the best interests of Primark" and that it will support its “everyday affordability and price leadership” and help it grow market share.Mr Weston added: "Sales, margin and profits at Primark increased significantly as more normal customer behaviour resumed after the pandemic.