Sainsbury’s profits climb but sales slip as grocer braces for cost-of-living crunch
Sainsbury’s has recorded an uplift in full-year profits but warned that “significant external pressures” would dampen its profits in the upcoming financial year.
Sainsbury’s reported a 104% jump in underlying pre-tax profit year on year to £730m in the 52 weeks to March 5, 2022, up 25% on a two-year basis.
The grocer’s retail sales excluding fuel declined 2.6% year on year to £28.1bn, exacerbated by a 2.3% decline in like-for-like sales excluding fuel during the period.
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