According to its preliminary results for the 2023/24 financial year, UK retailer Sainsbury’s has achieved record market share gains.
During the 2023/24 year, Sainsbury’s reported group revenue of £32.7 billion. It also revealed that its retail sales were up 6.8%, while it had also achieved grocery sales growth of 9.4%. Its retail underlying profit was £966 million, up 4.3%, while its profit after tax was down 33.8% to hit £137 million.
The retailer said that its customer favourites included its Signature Beef Burger and, at Christmas, its Buttermilk Turkey Crown with maple cured bacon and butter sage and onion stuffing. It also said that it was “increasingly moving to more long-term partnerships with key suppliers”, highlighting its recent partnership with poultry producer Moy Park.
It boasted that it was the “first large supermarket to launch a dedicated ‘Best of British’ page” on its website. The page highlights over 450 products that are British sourced, including meat, dairy, eggs and chilled essentials.
Simon Roberts, CEO of Sainsbury’s said: “We know it’s still tough out there for so many households and we’re doing all we can to save money right across our business to keep prices low - we have reduced 4,000 products over the last year alone.
“Nectar Prices has also been a game changer for customers, saving them £12 on a typical £80 shop. And we’re not compromising on quality: we’ve doubled our rate of innovation and Taste the Difference is performing especially well.”
This story was originally published on a previous version of the Meat Management website and so there may be some missing images and formatting issues.
