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By Ronan Hegarty2021-04-29T15:57:00+01:00
Sky-high costs associated with the pandemic and the restructuring of Argos saw Sainsbury’s slump to a £261m pre-tax loss for the year to 6 March 2021, according to results this week. But aside from that headline figure, what do its full-year results tell us about the retailer’s progress under its ‘Food First’ strategy?
The finances
Sainsbury’s CEO Simon Roberts insisted this week that the “business is in good shape and has a lot of potential”. This may seem slightly odd for a company that has just posted a £261m pre-tax loss – especially in a year when sales have rocketed due to the pandemic. But he probably has a point.