Primark owner Associated British Foods has revealed a slump in sales in the UK in recent months amid continued pressure on household budgets

Associated British Foods cut annual sales guidance for its Primark budget fashion retailer after reporting weak trading in its main UK market in the Christmas quarter that it said reflected pressure on lower-income shoppers.

Associated British Foods has downgraded the annual sales guidance for its Penneys/Primark budget clothing business after disappointing results in the Christmas quarter in its main UK and Ireland market.

Primark has cut its sales forecasts after the high street chain’s UK shops were knocked by “cautious” shoppers and unfavourable weather. Parent firm Associated British Foods (ABF) revealed a slump in sales in the UK in recent months amid continued pressure on household budgets.