Primark owner expects lower profits as energy bills rise by £100m

Associated British Foods warns of hit from soaring costs and drop in customer spending at fashion chain

The owner of Primark has warned it is expecting lower profits next year as it grapples with a strong dollar and soaring costs that have pushed the fast-fashion retailer's annual energy bills up by about 100m.

In previous years Primark has faced an increase in energy bills of about 10m, but this year it has been 10 times that figure, said a spokesperson for its parent company, Associated British Foods (ABF).