Supermarket Sainsbury's set for first quarter results
Share this @internewscast.com


Sainsbury’s to become latest supermarket group to shed light on impact soaring living costs are having on consumers with first quarter results

Sainsbury’s will become the latest supermarket group to shed light on the impact soaring living costs are having on consumers with its first quarter results on Tuesday. 

The business follows its larger rival Tesco, which last month revealed shoppers are changing spending habits in order to save cash. 

Industry data also shows families are heading to the German discounters Lidl and Aldi in their droves as the cost of living crisis mounts. 

Sainsbury’s has pledged £500m of investment over two years to cut the cost of essential items including milk, eggs, fruit and vegetables. 

Boss Simon Roberts said customers are watching ‘every penny’ as supermarkets battle to be the lowest priced. 

Hargreaves Lansdown equity analyst Matt Britzman said: ‘Any commentary on cost inflation on Tuesday will carry weight. It will be revealed whether the current strategy of raising prices after competitors is still viable. And, more importantly, what impact it’s likely to have on margins, should costs run higher than expected.’ 

Observers will be looking for any evidence of customers trading down to cheaper or own brand products, or cutting some purchases altogether. And overall sales will be in focus as the major grocers continue to lose customers to Lidl and Aldi. 

Analysts will also pore over the details for any change to the grocer’s guidance from April that it expects profits for the year to next March between £630m and £690m. 

Shares ended the week at 207.4p, down a quarter this year as fears mount over inflation. 

Advertisement

Share this @internewscast.com
You May Also Like

Lawsuit Accuses Mark Cuban, Voyager Digital Of Defrauding Cryptocurrency Investors

Mark Cuban and Voyager Digital CEO Stephen Ehrlich at a press conference…

Today’s Wordle Word Of The Day #421 Answer, Hint And Clues, Sunday August 14th

Here’s today’s Wordle #421 answer plus a hint and a clue! In…

Moderna —Not Your Hot Tip From Your Brother-In-Law Biotech Stock

Better-than-expected Covid-19 vaccine sales pushed Moderna past Wall Street’s 2022 second-quarter ……

Shares like Apple can grow your cash – even when prices surge

The last time inflation was this high at 9.4 per cent, Bucks…

Manchester City Draw Ire Of Skin Cancer Charity After Banning Sunscreen In Stadium

Manchester City fans cheer before the start of the English FA Cup…

Pressure Is On Federal Reserve

Federal Reserve Board Chairman Jerome Powell testifies during a hearing before Senate…

Coinbase posts $1.1B loss, Polygon dApps rocket 400% in 2022 and Elon Musk says inflation is on the decline: Hodler’s Digest, Aug 7-13

Coming every Saturday, Hodler’s Digest will help you track every single important…

Flooding In Las Vegas Casinos?

MAYER, ARIZONA – JULY 21: Lightning strikes during a monsoon storm with…