By Lizzie Day •
Published: 30 Apr 2020 • 9:55
Sainsbury’s expects to lose more than half a billion pound profits due to coronavirus.
The company today warned the coronavirus crisis will cost them £500 million over the coming year.
But any losses will be offset by food sales and a state-funded tax break said boss Mike Coupe, who said for the first five days of lockdown, food sales were higher than the busiest shopping days at Christmas.
He anticipated ‘disruption’ for shoppers including social distancing queues outside stores until at least September.
Coupe, who will retire as CEO next month, told the BBC Radio 4’s Today programme that Sainsbury’s customers ‘are buying less frequently but are buying more, in fact twice as much,’ saying the regular weekly shop has returned.
The prediction comes as the supermarket posted a two per cent fall in underlying pre-tax profits to £586 million for the year to March 7.
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