- Sainsbury's has warned that the conflict in the Middle East is expected to impact its customers and business, potentially leading to a fall in profits, echoing a similar message from rival Tesco.
- The supermarket chain anticipates underlying operating profits for the current financial year to be between £975 million and £1.075 billion, though the duration and extent of the conflict's impact remain uncertain.
- For the year ending 28 February, Sainsbury's reported an underlying operating profit of £1.025 billion, a 1.1 per cent decrease from the previous year.
- Despite this, pre-tax profits for the same period surged by 55.3 per cent to £393 million, and group revenues, excluding VAT, increased by 2.7 per cent to £33.6 billion.
- Retail sales, excluding fuel, rose by 4.3 per cent, driven by a 5.2 per cent increase in grocery sales, while its Argos business saw sales grow by 0.7 per cent to £4.1 billion.
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