The grocery chain and Argos owner posted statutory pre-tax profits £100milion down year on year
Supermarket Sainsbury’s has revealed a 27% fall in half-year profits, but cheered soaring grocery sales as it focused on keeping food costs down for cash-strapped customers. The grocery chain and Argos owner posted statutory pre-tax profits of £275 million for the six months to September 16, down from £376 million a year ago.
On an underlying basis, pre-tax profits remained flat at £340 million. It reported a 6.6% rise in like-for-like retail sales, excluding fuel, in its second quarter, down from growth of 10% in the first three months, as its performance was impacted by a difficult performance for its clothing range. Total grocery sales jumped 8.9% in the second quarter and 10.1% over the first half, but was partially offset by a tough market for general merchandise and clothing, with second quarter sales down 0.6% and 14.6% respectively. But the group said full-year profits are now expected to be in the “upper half” of its guidance, at between £670 million and £700 million as efforts to keep prices low has boosted grocery sales.
Simon Roberts, chief executive of Sainsbury’s, said: “Food is firmly back at the heart of Sainsbury’s.” He added: “We know people are still finding things tough and we’re working harder than ever to reduce our costs, putting the money back into our customers’ pockets through lower prices on the products they buy most often.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The 27 roughest pubs, clubs, and bars in Preston down the decades as decided by readersPreston is full of fabulous pubs and clubs, but there are some which have earned reputations for being somewhat ‘rough’.
Read more »
27 Black-founded Fashion Brands to Celebrate this Black History MonthAs the fashion industry commits to combating systemic racism, there is a growing list of Black-founded fashion brands that continue to impress with their innovative designs. This article showcases 27 of these brands to celebrate Black History Month.
Read more »
Boy awarded £20m after doctors' 27-minute failing during birthThe case was taken to the High Court in London
Read more »
Wetherspoon has 27 pubs on the market in NovemberPopular pub chain known for cheap prices has had trouble with people spending less and staffing issues
Read more »
Ex-Man City and Sheffield United defender Kean Bryan announces retirement from football aged just 27Former Man City and Sheffield United defender Kean Bryan has announced his retirement at the age of just 27 following a string of injury problems.
Read more »
Losing one type of sleep dramatically increases risk of dementiaLosing just one per cent can increase the dementia risk by 27%
Read more »