Sainsbury's posts 6.4 percent decline in clothing sales

In a preliminary results statement for the full year, J Sainsbury said group sales increased 3.4 percent to 36.3 billion pounds including retail sales increase of 6.8 percent, grocery sales growth of 9.4 percent, general merchandise sales increase of 1.2 percent and clothing sales decline of 6.4 percent.

The company said in a release that Tu clothing’s disciplined trading approach helped protect profitability over 2023/24 in a seasonally weak and promotionally-driven market. However, performance during the year and particularly the fourth quarter, the performance was below expectations further impacted by stock shortages.

Commenting on the results, Simon Roberts, chief executive of J Sainsbury plc, said: “As we embark on our Next Level Sainsbury’s strategy, we’ll continue to make deliberate, balanced choices to support our customers, colleagues, communities and farmers.”

The company’s retail underlying operating profit of 966 million pounds, was up 4.3 percent, underlying pre-tax profit of 701 million pounds, was up 1.6 percent and statutory pre-tax profit was 277 million pounds, down 15.3 percent.

J Sainsbury expects to deliver retail underlying operating profit of between 1,010 million pounds and 1,060 million pounds, growth of between 5 percent and 10 percent.