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J Sainsbury PLC (LSE:SBRY) reported lower underlying profits for the past year, attributing the decline to heightened competition in a market where supermarkets are working to keep prices down.
The supermarket group’s retail underlying operating profit fell 1.1% to £1.025 billion for the 52 weeks ended 28 February 2026, even as sales rose 5.2% across its core grocery business.
Sainsbury said the reduction reflected a deliberate decision not to pass on the full extent of cost inflation to shoppers. Instead, it chose to increase spending on pricing, staff pay and store improvements.
Total retail sales increased 4.3% to just under £30 billion, supported by volume growth and market share gains in grocery.
Statutory revenues rose 2.7% to £33.65 billion. Profit after tax on continuing operations fell 1.7% to £414 million.
The dividend was increased by 0.7% to 13.7p. Sainsbury also announced a £300 million share buyback, including an additional £100 million funded from the proceeds of selling Sainsbury’s Bank last year.
Chief executive Simon Roberts said the group had outperformed the market for the sixth year in a row.
“Rather than pass through the full extent of cost inflation, we invested to sustain the strength of our competitive position while also refreshing stores, improving digital experiences and increasing colleague pay by 5%.”
For the current year, Sainsbury expects underlying operating profit of £975-1,075 million. The company cited uncertainty linked to the conflict in the Middle East and its potential impact on costs and consumer behaviour.
Sainsbury said it remains confident of generating retail free cash flow of more than £500 million.
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