J Sainsbury upbeat on profits for 2023 after robust Christmas trading

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J Sainsbury PLC said Wednesday that it expects to deliver profits for fiscal 2023 toward the upper end of its current guidance following record trading during the Christmas period.

The U.K. grocer SBRY, -2.16% said like-for-like sales excluding fuel rose 5.9% in the 16 weeks ended Jan. 7 compared with the same period a year ago. Like-for-like sales including fuel rose 6.8%, it said.

The FTSE 100 listed company currently expects underlying pretax profit for the year ending March to be toward the upper end of the guidance range of between 630 million pounds and 690 million pounds ($765.5 million and $838.4 million).

The company said the performance of its digital retailer business Argos was exceptional over the Christmas week.

Write to Michael Susin at michael.susin@wsj.com

This article was originally published by Marketwatch.com. Read the original article here.

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