Sainsburys confirms full-year outlook despite falling first-half profits
LONDON, Nov 3 (Reuters) – British supermarket chain Sainsbury’s maintained its full-year outlook on Thursday, despite an 8% drop in first-half profit, saying it was well placed for the key Christmas period.
The group, which has a 14.7% share of the UK grocery market, still expects underlying pre-tax profit for fiscal year 2022-23 to be between £630m and £690m (£730.9-800). .5 million euros), down from the 730 million pounds made in 2021-22.
Analysts had expected an average forecast of 637 million pounds.
Despite the worsening cost of living crisis, Sainsbury’s said business momentum remained strong in the early weeks of its second half and the group continued to gain market share.
“We are well positioned during the peak period and into the next fiscal year to help customers manage additional cost of living pressures,” he said.
“We are confident in our competitive position in the face of macroeconomic challenges and operating cost inflation.”
Sainsbury’s reported underlying profit before tax of £340 million over 28 weeks to September 17.
The group’s like-for-like sales, excluding fuel, rose 3.7% in the second quarter, after falling 4.0% compared to the previous three months. (Report James Davey; French version Diana Mandiá)