The rising cost of living has hit consumers across the board. As retail giant Sainsbury's confirms its profits are now back the black, the supermarket says it is putting customers and staff first revealing a "clear long term focus on keeping prices low". Last week Sainsbury's pledged to lower prices across 150 of its fresh products.
Simon Roberts, chief executive of J Sainsburys and former MD of Nottingham's biggest company, Boots, said: "In a year of unprecedented change we have been relentlessly focused on putting customers and colleagues first while delivering the first year of our plan to put food back at the heart of Sainsbury’s."
Grocery sales for the supermarket retailer are up 7.6% versus fiscal year 2019/20, and broadly flat versus 2020/21, reflecting sustained consumer demand during the pandemic. However, pre-tax profits for the 12 months to March 5 hit £854 million, compared with a £164 million pre-tax loss a year earlier and £278m in 2019/20.
