Weston pointed to the groundwork Primark has laid for online expansion. "We've sharpened prices [at Primark], we've improved our product offers, we've increased investment in marketing, strengthening our digital capabilities," he said. "We're seeing the benefits and there's more to come."

One standout is Primark's 'Iconic Value' campaign, which Weston described as a "strategic investment" to introduce lower prices and connect deeper with customers. The campaign launched in July, and while Weston noted it is still early days, the initial impact on volume sales has been "encouraging".

"Primark is redefining value and not just through price, but also in our continuous improvements in quality, style and the store experience," he said.

On returns from increased marketing spend, Weston believes the retailer has got the "marketing mix about right".

"We are driving incremental sales. There's a lot more beyond simply above the line advertising going on, but the brand metrics in particular have benefited from the advertising," he explained.

Demerger by end of 2027

Weston also updated investors on Primark's demerger from ABF, first flagged as a possibility last year. He expects the two businesses to separate by the end of 2027.

"This gives us time to build the systems and processes necessary to operate both businesses on a standalone business, and this is important," he said. "It also gives us time to explain more about our businesses, particularly in food, to the market. We're not going to rush that."

In July, ABF completed its £75m acquisition of Hovis and is "well under way" with integrating the bakery brand into the business.

"We expect this transaction to deliver significant synergies in both production and distribution. This will give us the ability to create a sustainably profitable bakery business, supported by investment in marketing and innovation," said Weston, noting Hovis is already back "on air" with TV advertising.

Last month, Hovis announced a £4m investment behind its 'Strength Baked In' campaign running through the end of the calendar year, with more planned in 2027. The multi-channel campaign aims to strengthen the brand's foundations, is set to reach 79% of main household shoppers, and marks the first time Hovis has appeared on TV in a major way for more than 15 years.