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

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 has downgraded the annual sales guidance for its Penneys/Primark clothing business after a disappointing Christmas quarter, which it blamed on milder weather and a more cautious consumer.

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.