Primark will not increase prices any more than already planned before next autumn despite soaring costs for the business, its parent company has confirmed.
AB Foods said that, as customers tighten their belts, it wants to make sure the brand is still viewed as a cheap alternative to other high street retailers.
As a result, the business will not impose any price rises on its ranges until next summer, apart from those it has already implemented and planned.
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.”
The move is in the “best interests of Primark” the business said, promising to support its “everyday affordability and price leadership” and help it grow market share.
Sky News also reported Primark will be investing £140m in the opening of four new shops and the creation of at least 850 jobs.
Mr Weston added: “Sales, margin and profits at Primark increased significantly as more normal customer behaviour resumed after the pandemic.
“Significant progress was made in building out Primark’s digital capability, which will be a key element in the future development of Primark.”
The business is currently trialling click-and-collect in 25 shops.
Primark like-for-like sales have broadly returned to pre-Covid levels in the UK, but remain weaker in continental Europe.
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