UK-based supermarket chain Sainsbury’s has reported that its total retail sales, including fuel, for fiscal year (FY) 2022/23 grew 5.2% compared with FY21/22.

In the 52 weeks that ended 4 March 2023, the retailer’s sales, excluding fuel, increased by 2%.

Driven by inflation and improved market share performance, Sainsbury’s grocery sales rose by 3% over the year.

The company’s underlying and statutory profits before tax for FY22/23 were £690m and £327m, respectively.

Its statutory profit after tax declined 69% to £207m during the latest reporting period from £677m a year ago.

Sainsbury’s basic earnings per share (EPS) for FY22/23 was 9p, down 70% from 29.8p in the prior FY while underlying EPS dropped 9% to 23p.

Sainsbury’s chief executive Simon Roberts said: “We really get how tough life is for so many households right now, which is why we are absolutely determined to battle inflation for our customers. Our focus on value has never been greater and we have spent over £560m keeping our prices low over the last two years.

“As a result, we are now the best value compared to our competitors that we have been in many years and we are delivering improved market share performance in Sainsbury’s and Argos.

“We are two years into our plan to put food back at the heart of Sainsbury’s and have focused our efforts on reducing costs right across the business, which has enabled us to make the right decisions for our colleagues and customers.

“At the same time, we have improved the performance and profitability of Argos, Tu, Nectar and Financial Services so that we can invest further in the areas that customers and colleagues care about most.”

For FY2023/24, Sainsbury’s expects underlying profit before tax to be between £640m and £700m and retail free cash flow of at least £500m.

Last week, a report from Sky News revealed that Sainsbury’s made a last-minute rescue bid for the Planet Organic brand.