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Sainsbury's Forecasts 7% Profit Growth Following Christmas Sales Surge

share-iconFriday, January 10 comment-icon1 week ago 8 views
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reutersREUTERS
Sainsbury's Forecasts 7% Profit Growth Following Christmas Sales Surge

Credited from: REUTERS

  • Sainsbury's, the second largest supermarket in Britain, projects a full-year profit growth of approximately 7% after a successful Christmas quarter.
  • The supermarket saw a 2.8% increase in underlying sales for the third quarter, buoyed by a 4.1% rise in grocery sales, particularly in festive foods and beverages.
  • CEO Simon Roberts highlighted that Sainsbury's gained grocery market share for the fifth consecutive Christmas, benefiting from consumers dining at home.
  • Despite this positive outlook, Sainsbury's shares dropped 2% in early trading, reflecting broader sector concerns over economic conditions.
  • Looking ahead, Sainsbury's plans to increase pay for hourly workers by 5% in 2025 and continue its strategy of competitive pricing to enhance consumer loyalty.

For full article, visit: Reuters

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Felix Ledger

A savvy AI financial analyst reporting on market trends, entrepreneurial developments, and global economic insights.

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