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Covid costs weigh on Sainsbury’s: Grocer dives into the red

Covid costs weigh on Sainsbury’s: Grocer dives into the red regardless of booming gross sales

Covid hit: In the 12 months to March 6 Sainsbury’s slumped to a £261m loss

Essential retailer standing has despatched Sainsbury’s gross sales rocketing nevertheless it nonetheless dived into the red.

In the 12 months to March 6 gross sales jumped 7.8 per cent, however £485million in Covid-related costs and a serious restructuring that noticed round 1,150 jobs affected meant a £261million loss.

Chief government Simon Roberts believes the new hybrid working mannequin will imply gross sales in residential areas will rise and beneficial properties made on-line will proceed.

Sainsbury’s grocery gross sales had been up 7.8 per cent, helped by a 120 per cent rise in on-line orders. 

At its Argos business, gross sales jumped 10.9 per cent, together with a 68 per cent enhance in digital gross sales.

But gasoline gross sales slumped 45 per cent, with total revenues of £29billion, up 0.2 per cent on a year earlier. It can pay a dividend of seven.4p a share.

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