Sainsbury's Expects Retail Profit to Exceed £1 Billion This Year [BNN Bloomberg (Canada)]
WPP plc American Depositary Shares (WPP)
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Source: BNN Bloomberg
Britain's second-biggest grocer expects underlying operating profit of as much as £1.06 billion from retail operations in 2024-25, it said Thursday, up from £966 million in the year through March 2. Earlier this year, Sainsbury's outlined an updated plan to cut costs by £1 billion and buy back shares as part of a “food first” approach to focus on its core business. The strategy included less store space for clothing or general merchandise and a “phased withdrawal” of its banking division. Sainsbury's said Thursday that it expects to provide an update on the banking exit in November. Like other supermarkets, Sainsbury's has been trying to keep prices low to compete with discount rivals such as Aldi and Lidl. Britain's second-largest grocer holds 15.3% of the market, shortly behind Tesco Plc at 27.4%, according to research firm Kantar's latest data. Sainsbury's food division has been performing well as loyal customers flock to its Nectar Prices program, which started last year.
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