The UK’s major supermarkets have denied they are profiteering from the soaring cost of living crisis despite paying out more than £700m in dividends to shareholders RichardVaughan1 jessiehewitson report:
for their weekly shop, while Mr Hunt and Bank of England Governor, Andrew Bailey, suggested supermarkets were using inflation to “rebuild profit margins”.He asked:”How can it be possible that you are making hundreds of millions of pounds in additional profit?“We have not made more profit year-on-year,” he said. “We have actually made 7 per cent less profit versus our last financial year. It’s important to be clear on that from the outset.
Rhian Bartlett, food commercial director at Sainsbury’s, told the Business and Trade Committee: “We are acutely aware about the cost-of-living impact on our colleagues and how difficult they are all finding it right now. While both Tesco and Sainsbury’s reported declines in their profits last year, due to higher costs and price reductions, according to their latest annual accounts Tesco paid out £516m in dividends, while Sainsbury’s shelled out £213m to shareholders in the year to April 2023.
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