Sainsbury’s has warned that it expects lower profits for the coming year due to “external pressures” and “uncertainties” affecting consumers’ disposable incomes.
According to its preliminary results for the 52 weeks to 5 March 2022, the retailer said it expects 2022/23 underlying profit before tax of between £630m and £690m, in comparison to the £730m underlying profit for 2021/2022.
However, the group reported a revenue increase of 2.9%, from £2.9b in 2020/21 to £2.98b in 2021/22.
Sainsbury’s said this reflected “sustained” Covid-19-driven demand and “strong” volume market share performance over one and two years.
Simon Roberts, chief executive of Sainsbury plc, said: “The dreadful situation in Ukraine continues to have a profound impact. We’re doing everything we can to help with the humanitarian effort, and are working to manage the supply chain impacts.
“We have a clear long term focus on keeping prices low and we remain committed to helping everyone eat better, whatever the external environment may bring.”