Sainsbury’s predicts loss of more than £500m profits this year as it reports 2% drop in quarterly profits of £586m
Sainsbury’s today warned the coronavirus crisis will cost them £500million over the coming year as their profits also dropped.
The supermarket has this morning posted a 2 per cent fall in underlying pre-tax profits to £586 million for the year to March 7.
Sainsbury’s, No 2 to market leader Tesco, said that the £500million Covid-related costs would would be broadly offset by stronger grocery sales and approximately £450million in business rates relief for retailers.
That would mean group underlying profit before tax for the year to March 2021 would be broadly unchanged from the £586 million pounds reported for the 2019-20 year.