Sainsburys bosses have announced that they are set to cut prices on some of their most popular products.
The supermarket giant has said it will be initially rolling back costs on 150 items, to help its customers with the cost of living crisis.
The news comes as Sainsbury’s bosses revealed that their pre-tax profits had hit £854 million in the 12 months up to March this year - a huge difference to their £164 million pre-tax loss the year before.
But the supermarket has warned that this year’s figure may not be as high, estimated at between £630 and £690 million, as it vows to put its customers ahead of profit margins.
Chief executive Simon Roberts said: “We know just how much everyone is feeling the impact of inflation, which is why we are so determined to keep delivering the best value for customers. We have been able to drive more investment into lowering food prices funded by our comprehensive cost savings plans.
“As a result, we continue to inflate behind competitors on the products customers buy most often. Last week we announced the next bold phase of investment, lowering prices across 150 of our highest volume fresh products.”
Roberts also pointed out that Sainsbury’s had spent £100 million on pay rises for staff. Sainsbury’s is one of the leading UK supermarkets that offers its shop floor workers above the National Living Wage, with hourly pay rates starting at £10.
News of lower prices will no doubt come as a relief to many shoppers, as nine out of ten people have reported an increase to their cost of living in March.
Analysis from the Office for National Statistics showed that almost a quarter of people found it difficult to pay their household bills last month, an increase of 17% since November 2021.
Sainsbury’s own budget versions of popular brands have fared well in taste tests, with their version of baked beans earning a solid 4 out of 5 from our reviewer and their take on rich tea biscuits coming as a close runner-up when compared with offerings from other supermarkets.
