{"id":1706,"date":"2024-04-25T13:32:16","date_gmt":"2024-04-25T13:32:16","guid":{"rendered":"https:\/\/ventil.rs\/blog\/business\/sainsburys-set-for-strong-profit-growth-despite-deliveries-glitch\/"},"modified":"2024-04-25T13:32:16","modified_gmt":"2024-04-25T13:32:16","slug":"sainsburys-set-for-strong-profit-growth-despite-deliveries-glitch","status":"publish","type":"post","link":"https:\/\/ventil.rs\/blog\/business\/sainsburys-set-for-strong-profit-growth-despite-deliveries-glitch\/","title":{"rendered":"Sainsbury\u2019s set for \u2018strong\u2019 profit growth despite deliveries glitch"},"content":{"rendered":"


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Sainsbury\u2019s has said it expects to deliver \u201cstrong\u201d profit growth over the year ahead after cheering surging food sales by reining prices to help win customers from rivals.<\/p>\n

The supermarket giant reported a better-than-expected 1.6 per cent rise in underlying pre-tax profits to \u00a3701 million for the year to 2 March.<\/p>\n

However, the figures came as the chain was hit by an embarrassingly-timed delivery service issue for online orders on Thursday.<\/p>\n

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We know it\u2019s still tough out there for so many households and we\u2019re doing all we can to save money right across our business to keep prices low<\/p>\n<\/blockquote>\n<\/div>\n

Simon Roberts, Sainsbury\u2019s<\/p>\n<\/figure>\n

Sainsbury\u2019s said the problems were now resolved and only affected a \u201csmall number\u201d of customers. Yet, it follows just weeks after the firm was left unable to take contactless payments due to a software update, leaving a raft of customers without home delivery orders.<\/p>\n

In its full-year figures, the UK\u2019s second-biggest grocery chain said total grocery sales increased 7.3 per cent in the fourth quarter and 9.4 per cent over the year, as it saw sales by volume pick up as inflation eased back.<\/p>\n

This helped offset a tough market for general merchandise, with fourth-quarter Argos sales down 6.6 per cent and clothing tumbling 11.7 per cent.<\/p>\n

The group said earnings were set to rise in 2024-25, pencilling in underlying retail operating profits of between \u00a31.01bn and \u00a31.06bn \u2013 up between 5 per cent and 10 per cent.<\/p>\n

\u201cWe are confident of delivering strong profit growth in the year ahead,\u201d it said.<\/p>\n

\u201cWe expect to continue to grow grocery volumes ahead of the market, driving profit leverage.\u201d<\/p>\n

Simon Roberts<\/a>, chief executive of Sainsbury\u2019s, said moves to focus on food and keep prices affordable were \u201cwinning us customers from all our key competitors\u201d.<\/p>\n

He said: \u201cWe said we\u2019d put food back at the heart of Sainsbury\u2019s and that\u2019s what we\u2019ve done.\u201d<\/p>\n

Mr Roberts added: \u201cWe know it\u2019s still tough out there for so many households and we\u2019re doing all we can to save money right across our business to keep prices low \u2013 we have reduced 4,000 products over the last year alone.\u201d<\/p>\n

The figures come less than two months after Sainsbury\u2019s said it would axe around 1,500 jobs under plans to cut costs by about \u00a31bn a year.<\/p>\n

It plans to reinvest the cash savings into the business, with aims to boost the amount of space dedicated to food in its 600 stores, roll out electric car charging points, increase loyalty card offers and open another 75 convenience stores.<\/p>\n

Its latest full-year figures showed that on a statutory basis, pre-tax profits slumped 15.3 per cent to \u00a3277 million as it restructured its financial services arm and took a hit from not fully passing on interest rate rises to customers.<\/p>\n

Group-wide sales on a like-for-like basis, excluding fuel, rose 4.8 per cent in the fourth quarter, but this was down on the 7.4 per cent increase seen in the previous three months and the slowest growth for 18 months.<\/p>\n

Mr Roberts said food price inflation had fallen to just over 3 per cent now and forecasted it would continue stabilising and remain in low single digits this year.<\/p>\n

However, he said there were some cost pressures facing the group, such as staff wage bills after the near 10 per cent rise in the National Living Wage<\/a>, though this was balanced out by lower costs elsewhere, such as energy prices.<\/p>\n

The group revealed there had been some cost and disruption to its fashion ranges from the Red Sea<\/a> shipping woes in its fourth quarter to March, though it said it was working hard to offset the issues.<\/p>\n

It is also taking measures with suppliers to work around crop issues after extreme wet weather in the UK, which is taking its toll on the supply of staples such as potatoes and onions.<\/p>\n<\/div>\n


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For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sainsbury\u2019s has said it expects to deliver \u201cstrong\u201d profit growth over the year ahead after cheering surging food sales by reining prices to help win customers from rivals….<\/p>\n

Read More “Sainsbury\u2019s set for \u2018strong\u2019 profit growth despite deliveries glitch”<\/span> »<\/a><\/p>\n","protected":false},"author":1,"featured_media":1707,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/static.independent.co.uk\/2024\/04\/25\/08\/25075454-771d2ec8-4c3b-478d-a04b-b36962e0030d.jpg?quality=75&width=1200&auto=webp","fifu_image_alt":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-1706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nSainsbury\u2019s set for \u2018strong\u2019 profit growth despite deliveries glitch - Breaking News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ventil.rs\/blog\/business\/sainsburys-set-for-strong-profit-growth-despite-deliveries-glitch\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sainsbury\u2019s set for \u2018strong\u2019 profit growth despite deliveries glitch\" \/>\n<meta property=\"og:description\" content=\"For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sainsbury\u2019s has said it expects to deliver \u201cstrong\u201d profit growth over the year ahead after cheering surging food sales by reining prices to help win customers from rivals....Read More “Sainsbury\u2019s set for \u2018strong\u2019 profit growth despite deliveries glitch” »\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ventil.rs\/blog\/business\/sainsburys-set-for-strong-profit-growth-despite-deliveries-glitch\/\" \/>\n<meta property=\"og:site_name\" content=\"Breaking News\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-25T13:32:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.independent.co.uk\/2024\/04\/25\/08\/25075454-771d2ec8-4c3b-478d-a04b-b36962e0030d.jpg?quality=75&width=1200&auto=webp\" \/><meta property=\"og:image\" content=\"https:\/\/static.independent.co.uk\/2024\/04\/25\/08\/25075454-771d2ec8-4c3b-478d-a04b-b36962e0030d.jpg?quality=75&width=1200&auto=webp\" \/>\n<meta name=\"author\" content=\"Admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/static.independent.co.uk\/2024\/04\/25\/08\/25075454-771d2ec8-4c3b-478d-a04b-b36962e0030d.jpg?quality=75&width=1200&auto=webp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ventil.rs\/blog\/business\/sainsburys-set-for-strong-profit-growth-despite-deliveries-glitch\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ventil.rs\/blog\/business\/sainsburys-set-for-strong-profit-growth-despite-deliveries-glitch\/\"},\"author\":{\"name\":\"Admin\",\"@id\":\"https:\/\/ventil.rs\/blog\/#\/schema\/person\/8b364f5cc7fbc8705a888e63db8c026a\"},\"headline\":\"Sainsbury\u2019s set for \u2018strong\u2019 profit growth despite deliveries glitch\",\"datePublished\":\"2024-04-25T13:32:16+00:00\",\"dateModified\":\"2024-04-25T13:32:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ventil.rs\/blog\/business\/sainsburys-set-for-strong-profit-growth-despite-deliveries-glitch\/\"},\"wordCount\":674,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ventil.rs\/blog\/#organization\"},\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ventil.rs\/blog\/business\/sainsburys-set-for-strong-profit-growth-despite-deliveries-glitch\/#respond\"]}],\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\/\/ventil.rs\/blog\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ventil.rs\/blog\/business\/sainsburys-set-for-strong-profit-growth-despite-deliveries-glitch\/\",\"url\":\"https:\/\/ventil.rs\/blog\/business\/sainsburys-set-for-strong-profit-growth-despite-deliveries-glitch\/\",\"name\":\"Sainsbury\u2019s set for \u2018strong\u2019 profit growth despite deliveries glitch - 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