{"id":113048,"date":"2021-04-28T12:16:52","date_gmt":"2021-04-28T12:16:52","guid":{"rendered":"https:\/\/fin2me.com\/?p=113048"},"modified":"2021-04-28T12:16:52","modified_gmt":"2021-04-28T12:16:52","slug":"britains-sainsburys-expects-profit-bounce-after-39-fall","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/britains-sainsburys-expects-profit-bounce-after-39-fall\/","title":{"rendered":"Britain's Sainsbury's expects profit bounce after 39% fall"},"content":{"rendered":"

LONDON (Reuters) -British supermarket chain Sainsbury\u2019s forecast a big rebound in underlying profit this year after a 39% fall in 2020-21 as strong food sales during the pandemic were outweighed by extra costs and a decision to forgo business rates relief.<\/p>

FILE PHOTO: A person walks past a Sainsbury’s store in Milton Keynes, Britain November 5, 2020. REUTERS\/Andrew Boyers<\/figcaption>

CEO Simon Roberts said that while customers shopping more normally as restrictions ease and restaurants and bars fully open would impact sales growth in the 2021-22 year, the costs of the crisis would fall.<\/p>\n

\u201cLike our customers, we are all looking forward to things feeling more normal over the coming months and getting excited about a summer of celebration, but we are also cautious about the economic outlook,\u201d he said.<\/p>\n

The UK\u2019s second largest grocer after Tesco, made an underlying pretax profit of 356 million pounds ($494 million) in the year to March 6, in line with guidance but down from the 586 million a year earlier.<\/p>\n

Grocery sales rose 7.8%, general merchandise sales were up 8.3% and online sales doubled, but the company said it incurred an extra 485 million pounds in costs.<\/p>\n

It also returned business rates relief offered by the government worth about 410 million pounds.<\/p>\n

Sainsbury\u2019s reported a statutory pretax loss of 261 million pounds, after booking 617 million pounds of exceptional charges related to a restructuring programme which Roberts detailed last November.<\/p>\n

Related Coverage<\/p>\n<\/p>\n

Sainsbury\u2019s shares were down 2.9% at 1032 GMT, paring year-on-year gains to 21.4% – gains partly buoyed by bid speculation after Czech billionaire Daniel Kretinsky increased his holding to 10%.<\/p>\n

Sainsbury\u2019s three major domestic rivals – Tesco, Asda and Morrisons – all enjoyed strong sales over the last year as lockdowns closed the hospitality sector for long periods and forced many people to work from home.<\/p>\n

However, they have also had to endure the costs of additional workers, staff sick pay and in-store measures to deal with the pandemic.<\/p>\n

This month, Tesco reported a 20% drop in annual profit, while last month Morrisons reported a halving of profit.<\/p>\n

Sainsbury\u2019s said like-for-like sales, excluding fuel, rose 11.3% in its fiscal fourth quarter, having increased 8.6% in the third.<\/p>\n

It said it had started the new financial year strongly and was comfortable with analysts\u2019 consensus forecasts for 2021-22 underlying pretax profit of about 620 million pounds.<\/p>\n

($1 = 0.7204 pounds)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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