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Sainsbury's CEO urges UK government action on energy costs amid Middle East conflict impact
Developing
Business·4/23/2026AI summary

Sainsbury's CEO urges UK government action on energy costs amid Middle East conflict impact

Sainsbury's CEO Simon Roberts has called on the UK government to help ease rising energy costs for farmers, food producers and retailers caused by the Middle East conflict, warning this is the single biggest factor that could keep food prices from rising further. The supermarket group reported a 1.1% increase in annual underlying profits to £1.03bn but warned that profits could fall this year due to the conflict's impact on customer budgets and business costs. Shares slid almost 5% on Thursday, with the company predicting underlying profit of £975m to £1.08bn for the current year.

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Guardian Business
Sainsbury's Warns Profits Could Fall This Year Amid Middle East Conflict
Developing
Business·4/23/2026AI summary

Sainsbury's Warns Profits Could Fall This Year Amid Middle East Conflict

Sainsbury's has warned that profits could fall this year as the Middle East conflict squeezes customer budgets and pushes up business costs. The supermarket group reported a 1.1% increase in annual profits to £1.03bn for the year to 28 February, but uncertainty over the war means profits could be marginally higher or lower than last year. The company predicted underlying profit of £975m to £1.03bn and gained its highest market share in a decade.

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Guardian Business