Sainsbury’s has revealed it expects to report underlying profit before tax of at least £720m in the financial year to March 2022, according to its Third Quarter Trading Statement for the 16 weeks to 8 January 2022.
It revealed the retailer’s “bold” investments in value, new products and service have driven volume market share gains, growing ahead of the market through Q3 and the key Christmas period over one and two years.
Total retail sales increased 5.3% year on year, with 2.9% of this total gained during the Christmas period alone.
Sainsbury’s said it expects to report underlying profit before tax of at least £720m in the financial year to March 2022.
According to the firm, it has invested in the value of our food ranges ahead of the market through the year, Q3 and at Christmas to improve its price position and is “more competitive than ever”.
The firm launched over 600 new products in Q3, of which 300 were new Christmas products, as part of its plan to triple the levels of product innovation. Taste the Difference was its fastest growing product tier with sales up 13% over two years in the key Christmas weeks.
Online sales were nearly double the level of two years ago. Working with its suppliers and investing in operations, the retailer said it improved availability and customer satisfaction scores.
Simon Roberts, chief executive of J Sainsbury plc, said: “I am really pleased with how we delivered for customers this Christmas. At the same time, we are pleased to increase profit guidance for the full year.
“We were bold in our plan for product, value, innovation and service and delivered volume growth ahead of the market. We delivered our best value food this Christmas, launched our lowest ever priced Christmas dinner heading into the key Christmas shopping week and we had our biggest ever New Year.”