202223 underlying pretax profit 690 mln stg
Expects profit of 640700 mln stg in 202324
Has started new year 39;with great momentum39;

LONDON, April 27 Reuters British supermarket group Sainsbury39;s has started its new financial year with great momentum despite a still uncertain outlook for consumer spending, forecasting a profit outcome ahead of market expectations.

Britons have been pressured for more than a year by soaring inflation, which has outstripped pay growth for almost all workers.

Official UK data showed food prices were 19.1 higher in March than a year earlier, the biggest rise since August 1977. In April, grocery inflation was 17.3, according to industry data.

But Sainsbury39;s CEO Simon Roberts told reporters on Thursday it has consistently not raised prices as much as its key competitors, with its customers paying less than half the headline rate of inflation.

Sainsbury39;s, which has a 15 share of Britain39;s grocery market, is having to balance the increased cost of products from suppliers with trying to prevent shoppers switching to discounters Aldi and Lidl. It also faces higher staff wage costs.

Underlying pretax profit was 690 million pounds 861 million in the year to March 4, at the top of guidance but down from 730 million pounds in 202122.

Revenue rose 5.3 to 31.5 billion pounds, with fourth quarter likeforlike sales up 7.8.

For 202324 Sainsbury39;s forecast profit between 640 and 700 million pounds, ahead of analysts39; average…