Sainsbury’s keeps profit guidance following grocery volume growth
Sainsbury’s has maintained its full year profit outlook after its third quarter grocery sales increased by 9.3%.
The supermarket said sales were helped by customers taking advantage of its improved value offer and Nectar Prices on more than 6,000 products.
However, general merchandise sales in the 16 weeks to 6 January fell by 0.6% with clothing sales also declining with a drop of 1.7%.
Meanwhile, retail sales increased by 6.5% and by 7.4% on a like-for-like basis.
Simon Roberts, Sainsbury’s chief executive, said: “We’ve worked hard to really deliver for our customers this quarter and have grown grocery volumes ahead of the market for the fourth Christmas in a row. More customers are choosing to shop at Sainsbury’s, recognising our determined focus on value, product innovation and service.
“This was our first Christmas powered by Nectar Prices, helping customers save an average of £16 on an £80 Christmas shop.”
Sainsbury’s is continuing to expect full year underlying pre-tax profit to be between £670 million and £700 million.
Roberts added: “We enter 2024 with strong momentum and next month we will share our updated strategy, building on all we’ve done to put food back at the heart of Sainsbury’s over the last three years. There is a lot to be excited about and we remain absolutely committed to deliver for our customers, colleagues and shareholders.”
