Britain's ABF warns of lower profit as Primark costs bite

Credit: REUTERS/Carl Recine

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Sept 8 (Reuters) - Associated British Foods ABF.L warned of lower profit next year, as its Primark fashion business struggles with rising costs and tepid consumer spending due to Britain's stubborn inflation and cost-of-living crisis.

ABF said soaring energy bills and its decision to limit further price hikes would hurt Primark and its margins next year.

The company retained its outlook for the current year ending Sept. 17, with its food business seeing stronger revenue due to higher demand and prices of ingredients.

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Uttaresh.V and Sherry Jacob-Phillips)

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