The nation’s second-biggest grocery chain revealed on Thursday that its 2022–2023 financial year underlying pre-tax profits came to £701 million.
The amount is 1.6% higher than the £690 million earned the year before and exceeds business estimates of between £670 million and £700 million.
It occurs in the midst of intense competition from competitors, and Sainsbury’s attributes the success to its Aldi Price Match campaign and its decision to provide Nectar cardholders greater prices.
“We doubled the number of products price matched to Aldi in January,” the company stated, “with over 600 products now included across fresh, grocery, and household ranges.”
