UK retailer Sainsbury's sales surge 3.4% in FY24

27 Apr '24

2 min read

UK retailer Sainsbury's sales surge 3.4% in FY24

Pic: Nigel - stock.adobe.com

Insights

Sainsbury's reported FY24 group sales of £36.33 billion, up 3.4 per cent YoY.
Retail sales increased 6.8 per cent to £30.61 billion.
Clothing sales dropped by 6.4 per cent, reflecting challenges in the apparel market.
Underlying profit before tax rose 1.6 per cent to £701 million, while statutory profit before tax fell 15.3 per cent to £277 million.

UK retail giant Sainsbury's has reported preliminary group sales of £36.33 billion (approximately $45.36 million) for fiscal 2024 (FY24), marking a 3.4 per cent increase from the previous year’s £35.157 billion. Retail sales, excluding fuel but inclusive of VAT, saw a more significant rise, climbing 6.8 per cent to £30.61 billion from £28.66 billion in fiscal 2023.

However, the clothing sector faced a downturn, with sales dropping by 6.4 per cent, indicating shifting consumer preferences or potential challenges in the apparel market, the company said in a press release.

Sainsbury's financial health showed divergence in its profit metrics. The underlying profit before tax was £701 million, a modest improvement of 1.6 per cent over the previous year. Conversely, statutory profit before tax experienced a sharp decline, falling 15.3 per cent to £277 million.

“As we embark on our Next Level Sainsbury’s strategy, we’ll continue to make deliberate, balanced choices to support our customers, colleagues, communities, and farmers. I want to say a big thank you to all our colleagues and suppliers for all their hard work in delivering another record year. The business has real momentum and we’re excited by our goal of making good food joyful, accessible and affordable for everyone, every day,” said Simon Roberts, chief executive of J Sainsbury.

Fibre2Fashion News Desk (DP)

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