Financial highlights
• Retail sales inc. fuel up 3.4%, ex. fuel sales down 2.6%. Ex. VAT Group sales up 2.9%
o Grocery sales up 7.6% versus FY 2019/20, broadly flat versus FY 2020/21, reflecting sustained COVID-19-driven
demand and strong volume market share performance over one and two years
o General Merchandise sales down 4.6% versus FY 2019/20, reflecting availability challenges in key product areas
and our focus on profitable sales. Down 11.9% versus FY 2020/21
• Underlying profit before tax2 of £730 million, up 25% versus FY 2019/20 and up 104% versus FY 2020/21, which included
substantial COVID-19 costs
o Reflects elevated grocery sales and lower finance charges, with significant investment in core grocery funded by
cost savings, fuel and a more profitable general merchandise and clothing business
• Statutory profit before tax of £854 million versus £278 million3 in FY 2019/20 and a loss of £164 million3 in FY 2020/21
o Reflects lower restructuring and impairment costs and exceptional income from settling legal disputes
• Financial Services £38 million profit versus FY 2020/21 £21 million loss and £48 million profit in FY 2019/20
o We expect further profit improvement in FY 2022/23
o Following the year end, the Bank has paid its first ever dividend to the Group, of £50 million
• Strong Retail Free Cash Flow of £503 million2. Average Free Cash Flow in three years to March 2022 £633 million
• Non-lease Net Debt down £1,381 million in three years to March 2022, ahead of target £950 million+ over four years
• Proposed final dividend of 9.9 pence, full-year dividend of 13.1 pence, up 24%
• Capital allocation framework updated. Initial commitment to increase dividend payout ratio to around 60%
• Outlook: The year ahead will be impacted by significant external pressures and uncertainties. At this early stage of the year
we expect FY 2022/23 underlying profit before tax2 of between £630 million and £690 million,
And later;
Dividend
The Board has proposed a final dividend of 9.9 pence per share. This brings the full-year dividend to 13.1 pence per share, a 24%
increase, reflecting the strong growth in earnings per share and covered 1.9 times by underlying earnings.
The Board has recommended a final dividend of 9.9 pence per share (2020/21: 7.4 pence). This will be paid
on 15th July 2022 to shareholders on the Register of Members at the close of business on 10th June 2022. In
line with the Group’s policy to keep the dividend covered 1.9 times by underlying earnings, this will result in
an increased full-year dividend of 13.1 pence (2020/21: 10.6 pence), an increase of 24 per cent
https://www.about.sainsburys.co.uk/~/me ... tement.pdf
