Belt-tightening in Britain cinches sales for Primark

London

ASSOCIATED British Foods raised its forecast for full-year results on Monday following a strong performance by bargain fashion retailer Primark.

A sharp fall in the value of sterling since last year's Brexit vote, combined with below-inflation pay increases, has eaten into household budgets in Britain, forcing shoppers to tighten their belts and become more price-conscious.

As a result Primark has continued to perform well, with UK like-for-like sales up over 4 per cent during the …