New analysis by UNITE rips apart dodgy claims of squeezed supermarket profits

Tuesday, 6 June 2023 10:18

Tesco’s profits fell due to property values, rising interest rates and admin expenses. Not because of “absorbing” increased food costs. Sainsbury’s gross profit “before non-underlying items” actually increased last year. It was £2.42 billion in 2022/3, 3% higher than £2.36 billion in 2021/2. A deep dive into supermarkets’ accounts by Unite’s team of forensic accountants rips apart claims that food prices have squeezed Tesco’s and Sainsbury’s...Request free trial