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AJ Sainsbury will report a much higher profit than he predicted in the year to March after a strong Christmas, and is doing better than expected in his retail and financial business.
The UK’s second-largest retailer is expected to generate at least £ 720m in tax revenue, based on previously forecast £ 660m made in July.
Lower prices and higher operating costs “can be offset by price savings and robustness over food prices”, the company said.
Argos, a business group that operates extensively in Sainbury supermarkets, has benefited from “strong limits on a reduction in labor costs” while the troubled bank in Sainbury “operates unexpectedly”.
For the six weeks up to January 8, grocery sales were 0.1 percent ahead of last year, but 6.8 percent ahead of the same period two years ago. Total sales fell 2.9 percent last year, but up 2.4 percent from the previous two years. Annual comparisons were influenced by the idea of closing all stores on Boxing Day in 2021.
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