Sainsbury(J) PLC Strong Christmas Grocery Volumes

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by Sabella Ojes

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Jay Sainsbury Plc said Wednesday that similar sales, including fuel, grew for the third quarter of fiscal 2022, but upgraded its full-year market expectations on lower costs, increased market share and higher grocery volume during Christmas.

The UK grocer said similar sales excluding fuel fell 4.5% in the 16 weeks ended 8 January. Similar sales, including fuel, increased by 0.6%, it said.

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The FTSE 100 listed company has upgraded its underlying pretax profit expectations for the year ending March by at least £720 million ($981.6 million), up from its previously reported guidance of at least GBP660 million. is more.

Argos continued to benefit from strong margins backed by transformational operating cost reductions, and its financial services profit expectations are ahead of consensus, the company said.

Write to Sabela Ojea at [email protected]; @sabelaojeaguix

improvement and amplification

This article was corrected at 0937 GMT because the original incorrectly stated in the first sentence that similar sales, including fuel, declined. Jay Sainsbury said similar sales growth, including fuel, increased in the third quarter of fiscal 2022.

Jay Sainsbury said there was an increase in similar sales, including fuel, in the third quarter of FY 2022. At 0719 GMT “Sainsbury Upgrades Fiscal Year 2022 View on Lower Cost, Higher Christmas Grocery Volumes,” incorrectly saying in the first sentence that sales including choice-for-fuels fell. The error “Sainsbury’s Upgrades FY 2022 Views on Lower Cost, Higher Christmas Grocery Volume – Update” also appeared at 0754 GMT.

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