Sainsbury’s profit up and some products reduce in price
Supermarket grocer, Sainsbury’s underlying profit of £730m for the year to March is up from £357m a year earlier.
This means that it’s profits have doubled but Sainsbury’s has warned it faces tougher times ahead as customers see their finances squeezed amid rising cost of living.
Sainsbury’s claim to have lowered prices across 150 of its most-purchased fresh products last week.
The supermarket says it’s own-brand products were also proving more popular with customers, but said it was too early to see if this was a “long-term trend”.
It noted that supply chain issues, the Ukraine war and rising raw material costs are all contributing to soaring food prices.
The situation in Ukraine is pushing up costs of food production, with the country being a large exporter of fertilisers used in farming.