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By Edward Devlin2021-04-28T06:56:00+01:00 Top story Sainsbury’s has plunged into the red after £485m of Covid-related costs and more than £600m of restructuring charges for its Argos transformation programme more than offset a surge in revenues over the past year. Underlying pre-tax profits at the group slumped 39% to £356m in the year ended 6 March 2021, despite a 7.3% jump in retail sales to £28.8bn. Total group revenues were 0.3% down on the prior year at £32.3bn as fuel sales tanked by 39%, with customers filling up less during lockdown. Like its rivals in the sector, Sainsbury’s has ploughed huge sums into making its stores safe for customers during the coronavirus pandemic, as well as recruiting thousands more staff, paying out thank-you payments to employees and investing in scaling its online offering. It also followed Tesco in paying back hundreds of millions of pounds in business rates relief.

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