UK’s Biggest Retailers Set Back by Grim Sales at Christmas

Three of Britain’s biggest retailers faced a tough Christmas marked by volatile consumer demand and intense price competition.

Shares of Associated British Foods Plc, the owner of Primark, plunged as much as 12% Thursday after it issued a profit warning amid weak sales at the affordable fashion chain. Weakness was especially pronounced in continental Europe, where consumer confidence is low and measures to revamp the brand are only just underway.