Primark cuts prices ahead of split from AB Foods
Primark cuts prices ahead of split from AB Foods LONDON, July 20 (Reuters) - Fashion retailer Primark said on Monday it would reduce prices by up to 29% across hundreds of bestselling womenswear, menswear and kidswear products, seeking to improve trading ahead of next year's demerger from parent Associated British Foods ABF.L.
The lower prices will launch across Primark's 19 markets from Monday.
Examples of price cuts include a women's supersoft boyfriend pyjama set at £13 ($17.51) reduced from £17, a women's single breasted coat at £22 reduced from £26 and a men's brushed check overshirt at £20 reduced from £25.
Earlier this month, Primark reported a 2.2% fall in like-for-like sales in its third quarter to June 20, highlighting "a challenging consumer environment".
It said it was increasing investment in initiatives to drive like-for-like sales growth.
AB Foods confirmed in April it would spin off Primark from its food businesses before the end of 2027.
($1 = 0.7423 pounds)
(Reporting by James Davey; Editing by Kirsten Donovan)
((james.davey@thomsonreuters.com))