Sainsbury's says their own-brand products were proving popular with customers
Profits at Sainsbury's have more than doubled but the supermarket has warned it faces tougher times ahead as shoppers see their finances squeezed.But it expects profits to be lower this year with customers "watching every penny" amid the rising cost of living."We can see the early signs of customers being a bit more cautious, watching every penny, every pound," said chief executive Simon Roberts.
"We are doing everything we can to keep the prices low on products that really matter to our customers," Mr Roberts told the BBC. He added the supermarket's own-brand products were also proving more popular with customers, but said it was too early to see if this was a "long-term trend".Supply chain issues, the Ukraine war and rising raw material costs are all contributing to soaring food prices.
He added shortages in sunflower oil, another product Ukraine exports, meant Sainsbury's was offering alternatives in its stores.Sainsbury's bumper profits come as research suggests the average food bill could increase by £271 this year as prices continue to rise.according to research company Kantar. The supermarket reported a rise in annual grocery sales, up by 7.6% from two years ago, partly due to dining out being restricted by Covid restrictions.
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