Shoppers at one of Ireland’s most popular stores have received some bad news about the latest blow to the cost of living.
Penneys has announced that stores across the country will raise prices on certain clothing, home goods, shoes and accessories in a few months.
The move was announced by the chief executive of AB Foods, a company that owns Primark, the retailer that markets as Penneys in Ireland.
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The budget fashion chain will carry out “selective” range increases, with the measure set to increase the prices of its autumn and winter collection.
A Primark spokesperson told the Irish Mirror: “With inflationary pressure mounting and the dollar strengthening, we will implement selective price increases on some of our autumn/winter stock.
“However, we are committed to ensuring our price leadership and everyday affordability.”
The increases will apply in all markets, including Ireland, the United Kingdom, the United States and several European countries.
The price increase is the latest rise to be leveled at Irish consumers after energy, fuel and food prices have risen in recent months as a result of rising costs of living.
AB Foods CEO George Weston said Penneys will still strive for affordability in an uncertain economic climate.
“Inflationary pressures are such that we can’t offset them all with cost savings, so Primark will implement selective price increases on some of the autumn/winter stock,” he said.
“However, we are committed to ensuring our price leadership and everyday affordability, especially in this environment of heightened economic uncertainty.”
Despite this, the fashion empire expects to see its sales increase in the coming months due to the opening of more stores and the expansion of its ‘selling space’.
“As a consequence, Primark’s total sales in the second half are anticipated to be ahead of the second half of fiscal 2019, which was pre-Covid,” AB Foods added.
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