Sainsbury’s Christmas Food Sales Fail to Lift Profit Forecast

01/10/2024 18:15
Sainsbury’s Christmas Food Sales Fail to Lift Profit Forecast

J Sainsbury Plc reported higher grocery sales over the Christmas period but kept its profit forecast unchanged as British shoppers cut back on other items like clothes.

J Sainsbury Plc reported higher grocery sales over the Christmas period but kept its profit forecast unchanged as British shoppers cut back on other items like clothes.

Britain’s second-largest grocer saw food sales jump more than 9% in the 16 weeks to Jan. 6. However, general merchandise sales through its Argos business fell slightly in the run-up to Christmas, with clothing also lower. Sainsbury kept its guidance for underlying pretax profit unchanged at a range of £670 million ($851 million) to £700 million.

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