The Sainsbury's Board has recommended a final dividend of 9.2 pence per share (2022/23: 9.2 pence). This will be paid on 12 July 2024 to shareholders on the Register of Members at the close of business on 7 June 2024. This is in line with the Group's policy to pay a dividend of around 60 per cent of underlying earnings, allowing us to maintain a full-year dividend of 13.1 pence (2022/23: 13.1 pence).
Other financial highlights include:
Retail sales (excl. fuel) up 6.8%. Grocery sales growth of 9.4%, General Merchandise sales up 1.2% (down 0.5% including the impact of the closure of Argos in the Republic of Ireland) and Clothing sales down 6.4%. Fuel sales down 14.3%, reflecting lower input prices. Statutory sales up 3.8%
Retail underlying operating profit of £966 million, up 4.3%, with volume-driven grocery profit growth and continued strong delivery of cost savings partially offset by weaker General Merchandise profits
Financial Services underlying operating profit of £29 million versus £46 million last year, reflecting the impact of higher funding costs from increased interest rates not being fully passed on to customers, as previously guided
Underlying profit before tax of £701 million, up 1.6%
Statutory profit before tax of £277 million, down 15.3%. Non-underlying items predominantly relate to the restructuring of the Financial Services division
Retail free cashflow of £639 million, broadly flat year-on-year
Net debt including leases of £5,554 million, £790 million lower, reflecting strong cash generation and a £372 million net reduction as a result of the Highbury and Dragon property transaction3. Net debt to EBITDA 2.6x
