British supermarket group Sainsbury's forecast full-year profit at the upper half of previous guidance as it reported slightly better-than-expected flat profit for the first half due to demand for its food ranges.
The group, which has a 15% share of Britain's grocery market, trailing only Tesco, said it now expected a 2023/24 underlying pretax profit of between £670-700m.Sainsbury's said it also expected to generate retail free cash flow of at least £600m - higher than its previous guidance of at least £500m.
"Strong trading momentum has continued in recent weeks and we are confident heading into the peak trading period," it said. For the 28 weeks to September 16, it said its underlying pretax profit was £340m, the same as in the same period last year and ahead of analysts' average forecast of £335m. Sainsbury's' second quarter like-for-like sales, excluding fuel, rose 6.6%, having been up 9.8% in the first quarter.
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