Sainsburys Half-Year Report 2023
Financial Highlights
- Grocery sales up 10.1%. Volume growth across both quarters driving record market share gains and consistent
market outperformance - General Merchandise sales up 1.1% despite tough weather comparatives over the Summer (up 2.5% excluding
the impact of the closure of Argos in the Republic of Ireland) - Clothing sales down 8.4%, reflecting a disciplined trading approach in a seasonally weak and promotionallydriven market
- Statutory Group sales up 3.5%, with fuel sales down 19.6% driven by lower input prices. Like-for-like Retail sales (excluding fuel) up 8.4%
- Retail operating profit £485 million, up 2%, reflecting strong volume-driven grocery profit growth and continued delivery of Save to Invest cost saving benefits, partially offset by the impact of weaker seasonal sales on General Merchandise profits
- Financial Services operating profit of £13 million versus £19 million last year. This primarily reflects net interest margin reduction, with higher funding costs not being fully passed on through higher lending costs
Simon Roberts, Chief Executive of J Sainsbury plc, said: “Food is firmly back at the heart of Sainsbury’s. We’ve
never been more competitive on price and our focus on value, innovation and service is giving more customers more reasons to shop with us.
“We know people are still finding things tough and we’re working harder than ever to reduce our costs, putting the money back into our customers’ pockets through lower prices on the products they buy most often. I’m pleased to say food inflation is coming down and we are passing savings on to customers. We’ve rolled out Nectar Prices to over 6,000 products and the vast majority of customers are now shopping with Nectar, saving over £450 million since April.”
