Sainsbury's, the first listed British supermarket to update on Christmas trading, forecast full-year profit at the upper end of its guidance after shoppers spent more than expected on festive treats despite a deepening cost-of-living crisis.
Chief Executive Simon Roberts said UK households managed their budgets differently, hosting larger gatherings after two years of pandemic restrictions and treating themselves at home rather than going out.
"We understand money will be exceptionally tight this year particularly as many people wait for Christmas bills to land," he said.Sainsbury's, Britain's second largest supermarket chain with a 15.5% share of the country's grocery market, ranked only behind Tesco That compares with the analysts' consensus of 644 million pounds and the 730 million pounds it made in 2021-22.
Sainsbury's said total retail sales over the 16 weeks to Jan. 7, excluding fuel, rose 5.2%, reflecting inflation and "relatively resilient volume trends"."Investment in value, innovation, service and product availability delivered stronger volume trends across grocery and general merchandise, particularly at Christmas," Roberts said.
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