By Sabela Ojea
J Sainsbury PLC on Thursday reported a swing to a pretax profit for the first half of fiscal 2022 as a reflection of lower restructuring and impairment costs.
The British grocer posted a pretax profit of 541 million pounds ($740.3 million) for the six months ended Sept. 18 compared with a loss of GBP137 million for the same period a year earlier. The company said this increase was also due to an exceptional income of GBP181 million which came from settling legal disputes.
Revenue rose to GBP15.72 billion from GBP14.94 billion the year prior.
Underlying pretax profit–which strips out exceptional and other one-off charges–came in at GBP371 million rising from GBP301 million the year before.
The board declared an interim dividend of 3.2 pence a share.
“Against further strong comparatives in the second half of the year, we continue to expect customer behavior to normalize and grocery growth to moderate and we will continue to invest to further improve our value position,” Sainsbury said.
Write to Sabela Ojea at email@example.com; @sabelaojeaguix