London-based fashion retailer Sainsbury’s has witnessed its apparel sales recover, while its profits have increased for the year ended 5 March 2022.
The Group generated pre-tax profit of £854 million and an underlying pre-tax profit of £730 million during the said period.
That’s up by £374 million year-on-year (Y-o-Y), and £144 million when compared to the 2019/2020 period.
Brand wise, it’s much popular Tu Clothing saw Y-o-Y sales growth of 12.7 per cent, making it now a £1 billion brand.
The Group has, reportedly, outperformed its main competitors on one-year and two-year basis, besides delivering strong underlying profit growth, improved returns and consistent retail free cash flow.
Sainsbury’s also said that while general merchandise sales fell, clothing sales recovered – with growth driven by full-price sales and increased in-store sales.
The Group added that the year ahead will be affected by significant external pressures and uncertainties, including higher operating cost inflation.
Founded in 1869, Sainsbury’s generated £29.048 billion in 2021.
