Half-Year Report
06/11/2025 07:00
RNS Number : 3921G Sainsbury(J) PLC 06 November 2025
| 6 November 2025 |
| · | Sainsbury's sales (excluding fuel) up 5.2%, with Grocery sales growth of 5.3% and Sainsbury's General Merchandise & Clothing sales up 3.3%. Argos sales up 2.3%, Fuel sales down 11.3% |
| · | Retail underlying operating profit £504m, ahead of our expectations and in line with last year, with strong trading and cost savings delivery enabling focused investments in value, customer service and quality and offsetting higher employment and regulatory costs and disruption from space reallocation activity |
| · | Statutory profit after tax £165m (HY 2024/25: £76m). Non-underlying items of £(72)m on a post-tax basis predominantly relate to Retail restructuring costs and the phased withdrawal from Financial Services |
| · | Retail free cash flow £310m. On track to exceed £500m for the full year |
| · | Bank disposal proceeds will now exceed £400m, higher than originally expected. £400m will be returned to shareholders via a £250m special dividend and £150m incremental share buyback. Of the £150m, £50m will be added to the previously announced £200m buyback in financial year 2025/26 and the remaining £100m will be added to the core buyback in financial year 2026/27 |
| · | Interim dividend of 4.1 pence per share, up 5% |
| · | Total cash returns to shareholders in financial year 2025/26 now expected to exceed £800m |
| H1 Financial Summary | 2025/26 | 2024/25 | YoY |
| Business performance | |||
| Retail sales (excl. VAT, excl. fuel) | £15,577m | £14,865m | 4.8% |
| Retail underlying operating profit | £504m | £503m | 0.2% |
| Financial services underlying operating profit/(loss)1 | £2m | £(29)m | - |
| Underlying profit before tax1 | £340m | £309m | 10% |
| Underlying basic earnings per share1 | 10.3p | 9.2p | 12% |
| Interim dividend per share | 4.1p | 3.9p | 5.1% |
| Retail free cash flow | £310m | £425m | £(115)m |
| Net debt (inc. lease liabilities)2 | £(5,527)m | £(5,584)m | £57m |
| Non-lease net debt2 | £(81)m | £(152)m | £71m |
| Return on capital employed3 | 9.0% | 8.5% | 50bps |
| Statutory performance | |||
| Group revenue (excl. VAT, inc. fuel) 4 | £17,581m | £17,107m | 2.8% |
| Profit after tax | £165m | £76m | 117% |
| o/w Continuing operations4 | £185m | £175m | 5.7% |
| o/w Discontinued operations4 | £(20)m | £(99)m | 80% |
| Total basic earnings per share | 7.2p | 3.2p | 125% |
| Net cash generated from operating activities - continuing4 | £265m | £577m | (54)% |
| ·Food volume growthahead of the market | ·Deliver profit leveragefrom sales growth |
| ·Customer satisfactionhigher 26/27 vs 23/24 | ·£1bn of cost savingsover three years to 26/27 |
| ·Colleague engagementhigher 26/27 vs 23/24 | ·£1.6bn+ Retail free cash flowover three years to 26/27 |
| ·Deliver our Plan for Better commitments | ·Higher return on capital employed |
| · | Our focus on great value for customers, wherever they choose to shop with us, is delivering. We have strengthened our competitive position over the first half10, inflating behind the market11 and our value perception is improving in supermarkets, convenience and online12 |
| · | We extended Aldi Price Match to around 800 of the products that customers buy most often and delivered more personalised value to more customers through the extension of Your Nectar Prices to all supermarket checkouts (previously only available on Groceries Online and SmartShop) |
| · | Over the summer we amplified our value messaging alongside a Taste the Difference brand campaign that celebrated 'everyday trade ups', delivering a very positive customer response13 with more and more customers shopping with us for their full trolley8. 65 per cent of customers shopped both Aldi Price Match and Taste the Difference products in the same basket during the half14 |
| · | Our food quality and innovation sets our offer apart. We are widening the gap versus competitors on quality perception15 as we work ever more closely with suppliers to develop new ranges. We launched more than 600 new products this Summer, around half of which were Taste the Difference |
| · | We outperformed the market during key Summer occasions16, with leading innovation and a great value three for £8 across our Summer deli ranges. This contributed to Taste the Difference fresh sales growth of 18 per cent and the biggest Premium Own Label share gains in the market17 |
| · | We have recently launched our new Taste the Difference Discovery ranges of expertly-created, restaurant quality meals and premium speciality ingredients including British Wagyu and Aberdeen Angus steaks and artisan meats, cheeses and wines. Customer favourites include the Hot Chicken Tikka Masala in our range of Modern Indian ready meals and the Poachers Pie in our Modern Classics range. Since launch, premium dine in sales have grown by almost 40 per cent and we are excited about expanding these ranges as we head into the festive period |
| · | We reinvented our food-to-order business 'Occasions by Sainsbury's' in March, combining this service with our groceries online platform so that customers can shop made-to-order items alongside their everyday groceries, helping drive bigger online shopping baskets |
| · | We are growing our food space through reallocation of space in existing supermarkets, selective addition of supermarkets in key target locations and continued growth of our convenience store portfolio. This will be an increasing contributor to market share growth as new space matures and the benefits of space reallocation build while disruption eases |
| · | During the first half, we opened six new supermarkets, including Cromer and Lowestoft (the first of our 13 Homebase conversions) and two Co-op conversions in Felixstowe and Brightlingsea. Sales in these new stores are on average almost 20 per cent ahead of expectations and are on track to deliver the returns projected. We additionally opened 12 new convenience stores. Subject to final planning consents, we expect to open another six supermarkets (including three Homebase conversions) in the second half and around 18 more convenience stores. Next year we anticipate opening up to 12 new supermarkets, of which eight will be the remaining Homebase conversions, and at least 25 new convenience stores |
| · | We have invested selectively in our existing supermarkets, adapting our refit and space reallocation plans to the trading profile and potential of different supermarkets and rolling out rapidly the most successful elements. We have improved the prominence of Nectar Prices and the look and feel of our centre aisles, extended range, re-located and enhanced presentation in Beers, Wines and Spirits and have made our Food to Go fixtures more compelling and easier to shop |
| · | We are pleased with the results in the stores we have invested in, with higher food sales, higher trading intensity and a strong customer response to the range improvement. By the end of this financial year we expect to have invested in 70 of our existing supermarkets |
| · | In total we expect space reallocation together with new supermarkets and convenience stores to have added around one million square feet of grocery space by the end of next year, an increase of around six per cent over three years |
| · | Convenience18 sales increased 5.2 per cent primarily driven by like for like sales growth, reflecting a strong performance through the warm and dry Summer months, benefits of range improvements made last year and a growing contribution from OnDemand sales |
| · | Groceries Online19 sales increased 11.4 per cent, with continued acceleration of OnDemand sales and a strong underlying volume performance |
| · | We are working to tackle food poverty in our communities. Through our partnership with Comic Relief, we raised over £2.6 million this summer, which will fund one million meals for children and families experiencing food poverty during the school holidays and we have funded more than 100,000 holiday club places across the UK since March. We are also donating £3 million to Comic Relief to help distribute over five million meals during the winter months through charities such as FareShare, City Harvest and the Felix Project |
| · | We are supporting farmers and suppliers by giving them greater stability through long-term partnerships and cost of production models. Our Dairy Development Group has recently agreed a new financial model in response to rising costs and upcoming environmental regulation, including over £9 million of investment from Sainsbury's to support 150 dairy farms |
| · | This year we have switched all our by Sainsbury's black tea to Fairtrade and as a result we are now the biggest UK grocery retailer of Fairtrade tea. Farmers will receive a guaranteed price and over £1 million a year in Fairtrade Premiums. We've also launched a Resilience Building Initiative with our key tea producers and are working to expand this to coffee and bananas to further strengthen our supply chains and support communities |
| · | In collaboration with our coffee supplier, we have supported a collective of women farmers in Colombia, to adopt a new growing model that uses low-carbon fertiliser, water recycling and native tree planting to build greater resilience in our coffee supply chain |
| · | Tu Clothing sales grew 7.8 per cent in H1, outperforming the market for the fifth consecutive quarter20, driven by range and availability improvements, strong online growth and our best ever Back to School performance. Our customer offer now combines great value with quality design and on-trend desirability, driving improved customer perception metrics21. This has helped deliver an improvement in full price sales |
| · | General Merchandise sales declined in line with expectations as we reduce General Merchandise space in our stores to support our More for More Food plan. This has improved trading intensity and profitability |
| · | Smart Charge, our ultra-rapid electric vehicle (EV) charging network, delivered strong sales and profit growth, with sales per site increasing, reflecting our industry leading reliability score22 and improved customer offer. We operated in 79 locations at the end of the first half, giving customers access to more than 650 EV charging bays |
| · | We have made very good progress with our phased withdrawal from core Banking products, with stronger than anticipated net proceeds from divestments alongside the establishment of a number of arrangements with dedicated, specialist financial services partners. These will allow us to benefit from long-term financial services income streams that have a stronger connection to our retail offer. Profits from these income streams will build from next year and we continue to expect Argos Financial Services income, together with commission income from ongoing Care, insurance, travel money and ATM arrangements, to deliver sustainable annual profit of at least £40 million by February 2028 |
| · | During the first half we completed the sale of Sainsbury's Bank core banking products to NatWest, migrated the ATM business to NoteMachine, signed an agreement with Allianz UK on car and home insurance and agreed the sale of the Sainsbury's Bank Travel Money business to Fexco Group. Together with the Argos Financial Services card portfolio, Travel Money has now been classified as a discontinued operation1, reflected in the restatement of Financial Services underlying operating profit and a change to our short term profit guidance, where we now expect Financial Services underlying operating profit contribution to be broadly breakeven in 2025/26 |
| · | We have rolled out Your Nectar Prices across all our supermarket checkouts, making personalised savings accessible to millions more customers. Customers increasingly recognise personalised savings as a key reason to shop with Sainsbury's |
| · | Nectar Prices are a vital component of our value offer. More and more customers are shopping Nectar Prices, with customers saving an average of £14 on an £80+ big weekly shop |
| · | We are using interactive challenges on the Nectar app to nudge customers towards healthier food choices. Over the summer we ran a Healthy Choice challenge where customers were incentivised to shop products with a healthy choice logo, supporting increased recognition of the logo and delivering an uplift in healthy choice sales |
| · | We have started the roll-out of our new unified platform Nectar360 Pollen, giving clients and agencies the ability to access the full potential of our retail media network. Designed and built in-house, Pollen brings all elements of running an omnichannel retail media campaign into one seamless platform. It brings together AI-driven planning, real-time optimisation and integrated measurement tools, empowering marketeers to build more impactful campaigns, driving better return on advertising spend and stronger customer engagement. Early feedback from clients is extremely positive, calling out the usability of the platform and the benefits of greater visibility and control |
| · | We are scaling our connected retail digital screen network - connecting our customers with their favourite brands in-store. We are on track to roll out centre aisle screens to 200 stores by the end of this year, at which point we will have over 2,500 screens connected through a single content management system, which will in time be integrated into Pollen. Our large format instore screens are already delivering around eight per cent brand sales uplift, demonstrating the value of digital formats in-store as brands look to build awareness of their ranges |
| · | The Nectar coalition continues to grow with the launch of a new partner in the charity sector, FareShare, whose mission is to address food waste and food poverty. Customers will be able to provide support through cash donations or by donating points, at the same time as earning 10 Nectar points for every £1 donation they make |
| · | We are delivering more inspiring choices for customers through extending our ranges and forming deeper brand partnerships with key suppliers. We continue to grow our Supplier Direct Fulfilled offer, introducing more than 6,000 new products so far this year, including new premium brands such as Oura, and have recently enabled customers to choose to collect in store |
| · | Customers continue to trust Argos to deliver great value, with our Big Red events supporting improved value perception24. Alongside this, we have increased the visibility of value-added services, including pre-order and trade-in, and we have launched a new partnership with Airtasker. We are also trialling Argos Plus, a 12-month subscription for free delivery on all orders greater than £20 |
| · | With around 80 per cent of all Argos sales now through digital channels, we are increasingly focused on personalisation within the Argos digital experience, providing customers with relevant recommendations based on their browsing behaviour and inspiration to support bigger basket shopping. Alongside this, we have upgraded the Argos App, including enhancing product pages and improving findability, enabling app exclusive offers and making it easier and faster for app customers to collect their products. More customers are using the app as a result, with positive customer feedback and strong revenue growth as we grow loyalty and encourage greater shopping frequency |
| · | We are growing brand awareness and consideration of Argos as a destination for desirable, premium products, driving greater engagement through social channels and launching our own podcast |
| · | Having focused in recent years on relocating the Argos estate from standalone stores to stores and collection points inside Sainsbury's, we are now focusing on optimising our 1,100 points of presence to provide the best customer journey at the same time as reducing cost to serve. We are improving the speed and ease of collection for customers, giving more self-service options and implementing an improved service model through modernising in-store technology |
| · | We are additionally optimising our market-leading delivery to bring greater efficiency and modernising our supply chain through a new local fulfilment centre warehouse system |
| · | In the first half we closed the remainder of our in-store cafes, hot food, pizza and patisserie counters and converted our in-store bakery operations to a bake-off model, delivering significant cost savings, improved bakery ranges and creating more space for fresh food |
| · | We have finished the commissioning and testing of our physical large-scale automation and new warehouse management system in Daventry. This has now gone live and will ultimately house both Argos and Sainsbury's general merchandise products from 2026. This will deliver significant savings through the previously announced closure of two regional warehouses in addition to increasing the capacity, productivity and throughput of the Daventry site |
| · | We are further extending the benefits of our machine learning forecast platform within our supply chain, through introducing a supplier collaboration app. This streamlines and simplifies the supplier journey by automating supply chain interactions, providing greater visibility, self-service functionality and the capacity to access longer-term forecasts |
| · | We are tackling shrink costs through the rollout of self-checkout video analytics across our supermarket store estate. This is currently in operation in more than 200 stores and is outperforming our expectations. We expect to be live in 400 stores by the end of the financial year |
| · | We are committed to creating safe secure and welcoming environments in our stores and we are doing everything possible to protect our colleagues and customers. In September we started a two store trial in partnership with Facewatch using facial recognition technology to identify serious offenders entering our stores. We will roll this technology out nationwide if the trial is successful |
| · | We continue to invest in our digital infrastructure, enabling us to support a more digital store of the future and implement AI-driven efficiency opportunities in stores, including reduced energy consumption |
| Like-for-like sales performance | 2024/25 | 2025/26 | |||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | H1 | |
| Like-for-like sales (exc. fuel) | 2.9% | 4.3% | 2.9% | 4.0% | 4.6%25 | 4.3% | 4.5% |
| Like-for-like sales (inc. fuel) | 2.6% | 2.2% | 0.3% | 2.6% | 2.2%25 | 2.8% | 2.5% |
| Total sales performance (%) | 2024/25 | 2025/26 | |||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | H1 | |
| Sainsbury's | 4.3% | 5.2% | 3.8% | 4.2% | 4.9% | 5.5% | 5.2% |
| Grocery | 4.9% | 5.5% | 4.2% | 4.1% | 5.0% | 5.7% | 5.3% |
| GM (Sainsbury's) + Clothing | (4.5)% | 2.0% | (0.4)% | 6.4% | 4.2% | 2.1% | 3.3% |
| Argos | (7.7)% | (1.4)% | (1.4)% | 1.9% | 4.0%25 | 0.1% | 2.3% |
| Total Retail (exc. fuel) | 2.6% | 4.3% | 2.9% | 3.9% | 4.8%25 | 4.8% | 4.8% |
| Fuel26 | 0.4% | (10.6)% | (17.4)% | (6.8)% | (13.6)% | (7.8)% | (11.3)% |
| Total Retail (inc. fuel) | 2.3% | 2.2% | 0.3% | 2.5% | 2.4%25 | 3.2% | 2.7% |
| Total sales performance (£m) | 2024/25 | 2025/26 | |||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | H1 | |
| Sainsbury's | 7,431 | 5,497 | 8,040 | 3,690 | 7,797 | 5,799 | 13,596 |
| Grocery | 6,995 | 5,155 | 7,426 | 3,484 | 7,342 | 5,450 | 12,792 |
| GM (Sainsbury's) + Clothing | 436 | 342 | 614 | 206 | 455 | 349 | 804 |
| Argos | 1,077 | 860 | 1,611 | 548 | 1,12025 | 861 | 1,981 |
| Total Retail (exc. fuel) | 8,508 | 6,357 | 9,651 | 4,238 | 8,91725 | 6,660 | 15,577 |
| Fuel26 | 1,291 | 894 | 1,116 | 575 | 1,115 | 824 | 1,939 |
| Total Retail (inc. fuel) | 9,799 | 7,251 | 10,767 | 4,813 | 10,03225 | 7,484 | 17,516 |
| Investor Relations | Media |
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| +44 (0) 7801 813 074 | +44 (0) 20 7695 7295 |
| LEI: 213800VGZAAJIKJ9Y484 |
| Summary income statement | 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 | Change |
| £m | £m | % | |
| Underlying group sales (excluding VAT) | 17,581 | 17,107 | 2.8 |
| Underlying operating profit | |||
| Retail | 504 | 503 | 0.2 |
| Financial Services | 2 | (29) | - |
| Total underlying operating profit | 506 | 474 | 6.8 |
| Underlying net finance costs | (166) | (165) | (0.6) |
| Underlying profit before tax | 340 | 309 | 10.0 |
| Items excluded from underlying results | (69) | (51) | (35.3) |
| Profit before tax | 271 | 258 | 5.0 |
| Income tax expense | (86) | (83) | (3.6) |
| Profit after tax - continuing operations | 185 | 175 | 5.7 |
| Loss after tax - discontinued operations | (20) | (99) | 79.8 |
| Profit for the financial period | 165 | 76 | 117.1 |
| Underlying basic earnings per share | 10.3p | 9.2p | 12.0 |
| Underlying diluted earnings per share | 10.2p | 9.1p | 12.1 |
| Basic earnings per share | 7.2p | 3.2p | 125.0 |
| Diluted earnings per share | 7.1p | 3.2p | 121.9 |
| Interim dividend per share | 4.1p | 3.9p | 5.1 |
| a) | Discontinued operations were previously included in underlying measures whilst the associated trading activities remained ongoing. Following completion of the NatWest, NewDay and NoteMachine disposals, these activities are substantially ceased, and have therefore been reclassified to non-underlying so as to only reflect ongoing trading performance within underlying results |
| Total sales (excluding VAT) performance by category | 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 | Change |
| £m | £m | % | |
| Sainsbury's | 13,596 | 12,928 | 5.2 |
| Grocery | 12,792 | 12,150 | 5.3 |
| General Merchandise (Sainsbury's) and Clothing | 804 | 778 | 3.3 |
| Argos | 1,981 | 1,937 | 2.3 |
| Retail (exc. Fuel) | 15,577 | 14,865 | 4.8 |
| Fuel sales a) | 1,939 | 2,185 | (11.3) |
| Retail (inc. Fuel) | 17,516 | 17,050 | 2.7 |
| Financial Services | 65 | 57 | 14.0 |
| Group sales | 17,581 | 17,107 | 2.8 |
| Retail like-for-like sales performance | 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 | |
| Like-for-like sales (exc. fuel) | 4.5% | 3.5% | |
| Like-for-like sales (inc. fuel a)) | 2.5% | 2.4% | |
| a) | Fuel sales represent sales of fuel from our Petrol Filling Stations (PFS) and sales from our Ultra Rapid Electric Vehicle charging business, Smart Charge |
| Total sales growth (including VAT) performance by channel | 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 |
| % | % | |
| Total sales fulfilled by supermarket stores | 4.3 | 4.7 |
| Supermarkets (inc. Argos stores in Sainsbury's) | 3.1 | 3.7 |
| Groceries Onlinea) | 11.4 | 11.2 |
| Convenience b) | 5.2 | 4.9 |
| a) | Grocery Online includes sales through Sainsburys.co.uk and sales through OnDemand channels |
| b) | Convenience includes sales through OnDemand channels |
| Retail underlying operating profit | Note b) | 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 | Change |
| Retail underlying operating profit (£m) | A1.2 a) | 504 | 503 | 0.2% |
| Retail underlying operating margin (%) | A1.2 a) | 2.88 | 2.95 | (7) bps |
| Retail underlying EBITDA (£m) | A1.2 d) | 1,136 | 1,119 | 1.5% |
| Retail underlying EBITDA margin (%) | A1.2 d) | 6.49 | 6.56 | (7) bps |
| b) | Note references for reconciliations refer to the Alternative Performance Measures |
| Store numbers and retailing space | As at 1 March 2025 | New stores | Disposals / Closures | Reclassification / Extension | As at 13 September 2025 |
| Supermarkets | 599 | 6 | - | - | 605 |
| Supermarkets area '000 sq ft | 20,930 | 93 | - | 22 | 21,045 |
| Convenience | 855 | 12 | (1) | - | 866 |
| Convenience area '000 sq ft | 2,054 | 30 | (2) | 1 | 2,083 |
| Sainsbury's total store numbers | 1,454 | 18 | (1) | - | 1,471 |
| Argos stores | 203 | 1 | (2) | - | 202 |
| Argos stores in Sainsbury's | 461 | 2 | - | - | 463 |
| Argos total store numbers | 664 | 3 | (2) | - | 665 |
| Argos collection points | 443 | 12 | (8) | - | 447 |
| Financial Services results | 6 months to 31 August 2025 | 6 months to 31 August 2024 | Change | ||
| £m | £m | % | |||
| Underlying revenue | 65 | 57 | 14.0 | ||
| Underlying operating profit | 2 | (29) | - | ||
| Underlying net finance costs | 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 | Change | |
| £m | £m | % | ||
| Non-lease interest costs | (35) | (41) | 14.6 | |
| Non-lease interest income | 11 | 14 | (21.4) | |
| Finance costs on lease liabilities | (142) | (138) | (2.9) | |
| Total underlying net finance costs | (166) | (165) | 0.6 |
| Items excluded from underlying results | 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 |
| £m | £m | |
| Continuing Operations: | ||
| Retail restructuring programmes | (58) | (37) |
| IAS 19 pension income | 16 | 14 |
| Property, finance and acquisition adjustments | (16) | (6) |
| Other | (9) | (12) |
| Financial Services phased withdrawal | (2) | (10) |
| Items excluded from underlying results from continuing operations | (69) | (51) |
| Discontinued Operations: | ||
| Financial Services phased withdrawal | (26) | (127) |
| Items excluded from underlying - discontinued operations | (26) | (127) |
| Total items excluded from underlying results | (95) | (178) |
| Summary retail cash flow statement | Note a) | 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 | 52 weeks to 1 March 2025 |
| £m | £m | £m | ||
| Retail underlying operating profit | 4 | 504 | 503 | 1,036 |
| Adjustments for: | ||||
| Retail underlying depreciation and amortisation | 632 | 616 | 1,156 | |
| Share-based payments and other | 33 | 32 | 67 | |
| Adjusted retail underlying operating cash flow before changes in working capital | 1,169 | 1,151 | 2,259 | |
| Decrease in underlying working capital | 141 | 179 | 98 | |
| Retail non-underlying operating cash flows (excluding pensions) | (61) | (29) | (71) | |
| Pension cash contributions | (13) | (23) | (45) | |
| Retail cash generated from operations | 1,236 | 1,278 | 2,241 | |
| Interest paid | (179) | (182) | (347) | |
| Corporation tax paid | (37) | (22) | (89) | |
| Retail net cash generated from operating activities | 1,020 | 1,074 | 1,805 | |
| Cash capital expenditure | (475) | (394) | (825) | |
| Repayments of lease liabilities | (245) | (243) | (487) | |
| Initial direct costs on right-of-use assets | (3) | (34) | (34) | |
| Proceeds from disposal of property, plant and equipment | 1 | 7 | 45 | |
| Interest received | 12 | 15 | 27 | |
| Retail free cash flow | 310 | 425 | 531 | |
| Dividends paid on ordinary shares | (223) | (217) | (308) | |
| Purchase of own shares - share buyback | (158) | (136) | (200) | |
| Net repayment of borrowings | (28) | (22) | (79) | |
| Other share-related transactions | 6 | (12) | (43) | |
| Dividend received from Sainsbury's Bank | 300 | - | - | |
| Financial Services strategic review | (50) | (10) | (52) | |
| Net increase/(decrease) in cash and cash equivalents | 157 | 28 | (151) | |
| Decrease in debt | 273 | 265 | 566 | |
| Other non-cash and net interest movements b) | (199) | (323) | (619) | |
| Movement in net debt | 12 | 231 | (30) | (204) |
| Opening net debt | 12 | (5,758) | (5,554) | (5,554) |
| Closing net debt | 12 | (5,527) | (5,584) | (5,758) |
| Of which: | ||||
| Lease liabilities | 12 | (5,446) | (5,432) | (5,494) |
| Net debt excluding lease liabilities | (81) | (152) | (264) |
| a) | Note references relate to the financial statements. Other figures are reconciled in Notes A2.1 and A2.2 of the APMs |
| b) | Other non-cash movements relate to new leases, foreign exchange, the cancellation of own shares once purchased and fair value adjustments relating to derivatives |
| Key financial ratiosa) b) | As at 13 September 2025 | As at 14 September 2024 | As at 1 March 2025 |
| Return on capital employed | 9.0% | 8.5% | 9.0% |
| Net debt to EBITDA | 2.5x | 2.6x | 2.6x |
| Fixed charge cover | 2.8x | 2.7x | 2.8x |
| a) | Reconciliations are set out in notes A4.1, A3.2 and A4.2 of the APMs |
| b) | Comparatives shown are as previously reported and have not been restated for changes to discontinued operations. |
| Sainsbury's | Argos | Group | Group | |
| Retirement benefit obligations | as at | as at | as at | as at |
| 13 September 2025 | 13 September 2025 | 13 September 2025 | 1 March 2025 | |
| £m | £m | £m | £m | |
| Present value of funded obligations | (4,628) | (723) | (5,351) | (5,575) |
| Fair value of plan assets | 5,172 | 869 | 6,041 | 6,329 |
| Net funded pension plan asset | 544 | 146 | 690 | 754 |
| Present value of unfunded obligations | (12) | (10) | (22) | (23) |
| Net retirement benefit surplus | 532 | 136 | 668 | 731 |
| Deferred income tax liability | (163) | (36) | (199) | (218) |
| Net retirement benefit surplus (net of deferred tax) | 369 | 100 | 469 | 513 |
| 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 (restated*) | ||||||
| Underlying items | Non-underlying items (Note 3) | Total | Underlying items | Non-underlying items (Note 3) | Total | ||
| Note | £m | £m | £m | £m | £m | £m | |
| Continuing operations | |||||||
| Revenue | 4 | 17,581 | - | 17,581 | 17,107 | - | 17,107 |
| Cost of sales | (16,398) | (50) | (16,448) | (15,969) | (34) | (16,003) | |
| Gross profit/(loss) | 1,183 | (50) | 1,133 | 1,138 | (34) | 1,104 | |
| Administrative expenses | (718) | (40) | (758) | (694) | (34) | (728) | |
| Other income | 41 | 6 | 47 | 30 | 5 | 35 | |
| Operating profit/(loss) | 506 | (84) | 422 | 474 | (63) | 411 | |
| Finance income | 5 | 12 | 22 | 34 | 15 | 18 | 33 |
| Finance costs | 5 | (178) | (7) | (185) | (180) | (6) | (186) |
| Profit/(loss) before tax - continuing operations | 340 | (69) | 271 | 309 | (51) | 258 | |
| Income tax (expense)/credit | 6 | (103) | 17 | (86) | (92) | 9 | (83) |
| Profit/(loss) after tax - continuing operations | 237 | (52) | 185 | 217 | (42) | 175 | |
| Loss after tax - discontinued operations | 7 | - | (20) | (20) | - | (99) | (99) |
| Profit/(loss) for the financial period | 237 | (72) | 165 | 217 | (141) | 76 | |
| Earnings per share | 8 | pence | pence | pence | pence | ||
| Basic - total | 10.3 | 7.2 | 9.2 | 3.2 | |||
| Diluted - total | 10.2 | 7.1 | 9.1 | 3.2 | |||
| Earnings per share - from continuing operations | 8 | ||||||
| Basic - continuing | 8.1 | 7.5 | |||||
| Diluted - continuing | 7.9 | 7.3 | |||||
| 52 weeks to 1 March 2025 (restated*) | ||||
| Underlying items | Non-underlying items (Note 3) | Total | ||
| Note | £m | £m | £m | |
| Continuing operations | ||||
| Revenue | 4 | 32,772 | - | 32,772 |
| Cost of sales | (30,511) | (78) | (30,589) | |
| Gross profit/(loss) | 2,261 | (78) | 2,183 | |
| Administrative expenses | (1,302) | (99) | (1,401) | |
| Other income | 55 | 53 | 108 | |
| Operating profit/(loss) | 1,014 | (124) | 890 | |
| Finance income | 5 | 31 | 36 | 67 |
| Finance costs | 5 | (336) | (14) | (350) |
| Profit/(loss) before tax - continuing operations | 709 | (102) | 607 | |
| Income tax (expense)/credit | 6 | (212) | 15 | (197) |
| Profit/(loss) after tax - continuing operations | 497 | (87) | 410 | |
| Loss after tax - discontinued operations | 7 | - | (168) | (168) |
| Profit/(loss) for the financial period | 497 | (255) | 242 | |
| Earnings per share | 8 | pence | pence | |
| Basic - total | 21.3 | 10.4 | ||
| Diluted - total | 20.9 | 10.2 | ||
| Earnings per share - from continuing operations | 8 | |||
| Basic - continuing | 17.6 | |||
| Diluted - continuing | 17.3 | |||
| 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 (restated*) | 52 weeks to 1 March 2025 (restated*) | ||
| Note | £m | £m | £m | |
| Profit for the financial period | 165 | 76 | 242 | |
| Items that will not be reclassified subsequently to the income statement | ||||
| Remeasurement on defined benefit pension schemes | 15 | (93) | 24 | (33) |
| Cash flow hedges fair value movements - inventory hedges | (27) | (23) | 1 | |
| Current tax relating to items not reclassified | - | - | (1) | |
| Deferred tax relating to items not reclassified | 30 | (6) | 9 | |
| (90) | (5) | (24) | ||
| Items that may be reclassified subsequently to the income statement | ||||
| Movements on other financial assets at fair value through other comprehensive income | - | 2 | 1 | |
| Items reclassified from other financial assets at fair value through other comprehensive income reserve | (1) | - | - | |
| Cash flow hedges fair value movements - non-inventory hedges | (2) | (14) | 13 | |
| Items reclassified from cash flow hedge reserve - non-inventory hedges | 2 | - | 2 | |
| Deferred tax on items that may be reclassified | - | 6 | (4) | |
| (1) | (6) | 12 | ||
| Total other comprehensive loss for the financial period (net of tax) | (91) | (11) | (12) | |
| Total comprehensive income for the financial period | 74 | 65 | 230 | |
| Analysed as: | ||||
| Continuing operations | 94 | 164 | 398 | |
| Discontinued operations | 7 | (20) | (99) | (168) |
| Total comprehensive income for the financial period | 74 | 65 | 230 |
| 13 September 2025 | 1 March 2025 (restated*) | 14 September 2024 (restated*) | ||
| Note | £m | £m | £m | |
| Non-current assets | ||||
| Property, plant and equipment | 9,355 | 9,358 | 9,178 | |
| Right-of-use assets | 4,371 | 4,455 | 4,389 | |
| Intangible assets | 819 | 807 | 811 | |
| Investments in joint ventures and associates | 2 | 2 | 2 | |
| Other financial assets | 10 | 126 | 769 | 1,030 |
| Trade and other receivables | 26 | 42 | 36 | |
| Amounts due from Financial Services customers and other banks | 10 | - | - | 2 |
| Derivative financial instruments | 10 | 30 | 35 | 16 |
| Retirement benefit surplus | 15 | 690 | 754 | 776 |
| 15,419 | 16,222 | 16,240 | ||
| Current assets | ||||
| Inventories | 2,023 | 1,946 | 1,926 | |
| Trade and other receivables | 499 | 572 | 683 | |
| Amounts due from Financial Services customers and other banks | 10 | - | - | 844 |
| Other financial assets | 10 | 197 | 612 | 248 |
| Derivative financial instruments | 10 | 7 | 15 | 43 |
| Income taxes receivable | 48 | 74 | 56 | |
| Cash and cash equivalents | 11 | 1,271 | 2,777 | 1,591 |
| 4,045 | 5,996 | 5,391 | ||
| Assets of disposal group and non-current assets held for sale | 7, 14 | 28 | 2,527 | 3,086 |
| 4,073 | 8,523 | 8,477 | ||
| Total assets | 19,492 | 24,745 | 24,717 | |
| Current liabilities | ||||
| Trade and other payables | (5,580) | (5,489) | (5,353) | |
| Amounts due to Financial Services customers and other deposits | 10 | (138) | (1,955) | (1,619) |
| Borrowings | 13 | (80) | (72) | (75) |
| Lease liabilities | (509) | (483) | (480) | |
| Derivative financial instruments | 10 | (39) | (15) | (74) |
| Income taxes payable | (2) | (4) | - | |
| Provisions | (198) | (230) | (65) | |
| Financial liabilities | 12 | - | - | (14) |
| (6,546) | (8,248) | (7,680) | ||
| Liabilities of disposal group held for sale | 7, 14 | - | (3,136) | (3,655) |
| (6,546) | (11,384) | (11,335) | ||
| Net current liabilities | (2,473) | (2,861) | (2,858) | |
| Non-current liabilities | ||||
| Trade and other payables | (20) | (24) | (15) | |
| Amounts due to Financial Services customers and other deposits | 10 | - | (13) | (18) |
| Borrowings | 13 | (1,012) | (1,042) | (1,105) |
| Lease liabilities | (4,937) | (5,011) | (4,952) | |
| Derivative financial instruments | 10 | (4) | (11) | (27) |
| Retirement benefit deficit | 15 | (22) | (23) | (25) |
| Deferred income tax liability | (429) | (429) | (368) | |
| Provisions | (129) | (157) | (259) | |
| (6,553) | (6,710) | (6,769) | ||
| Total liabilities | (13,099) | (18,094) | (18,104) | |
| Net assets | 6,393 | 6,651 | 6,613 | |
| Equity | ||||
| Called up share capital | 655 | 669 | 675 | |
| Share premium | 1,464 | 1,448 | 1,447 | |
| Merger reserve | 173 | 173 | 568 | |
| Capital redemption and other reserves | (14) | (54) | (85) | |
| Retained earnings | 4,115 | 4,415 | 4,008 | |
| Total equity shareholders' funds | 6,393 | 6,651 | 6,613 |
| Called up share capital | Share premium account | Merger reserve | Capital redemption and other reserves | Retained earnings | Total Equity | ||
| 28 weeks to 13 September 2025 | Note | £m | £m | £m | £m | £m | £m |
| At 2 March 2025 | 669 | 1,448 | 173 | (54) | 4,415 | 6,651 | |
| Profit for the period | - | - | - | - | 165 | 165 | |
| Other comprehensive loss (pre-tax) | - | - | - | (28) | (93) | (121) | |
| Tax relating to components of other comprehensive loss | - | - | - | 7 | 23 | 30 | |
| Total comprehensive (loss)/income | - | - | - | (21) | 95 | 74 | |
| Cash flow hedges gains transferred to inventory | - | - | - | (2) | - | (2) | |
| Transactions with owners: | |||||||
| Dividends | 9 | - | - | - | - | (223) | (223) |
| Share-based payment | - | - | - | - | 42 | 42 | |
| Purchase of own shares for share schemes | - | - | - | (12) | - | (12) | |
| Shares allocated in respect of share option schemes | 2 | 16 | - | 59 | (59) | 18 | |
| Purchase of own shares for cancellation | 12 | - | - | - | (158) | - | (158) |
| Cancellation of own shares | a) | (16) | - | - | 174 | (158) | - |
| Tax on items charged to equity | - | - | - | - | 3 | 3 | |
| At 13 September 2025 | 655 | 1,464 | 173 | (14) | 4,115 | 6,393 |
| a) | During the period, 56.8 million of the Company's own shares were purchased, and subsequently cancelled, for total consideration of £158 million inclusive of £1 million of directly attributable costs. £158 million has been transferred from the investment in own share reserve (within capital redemption and other reserves) to retained earnings and £16 million of share capital has been transferred to the capital redemption reserve owing to the cancellation. |
| Called up share capital | Share premium account | Merger reserve | Capital redemption and other reserves | Retained earnings | Total Equity | |||
| 28 weeks to 14 September 2024 | Note | £m | £m | £m | £m | £m | £m | |
| At 3 March 2024 | 678 | 1,430 | 568 | 955 | 3,237 | 6,868 | ||
| Profit for the period | - | - | - | - | 76 | 76 | ||
| Other comprehensive (loss)/income (pre-tax) | - | - | - | (35) | 24 | (11) | ||
| Tax relating to components of other comprehensive (loss)/income | - | - | - | 6 | (6) | - | ||
| Total comprehensive income/(loss) | - | - | - | (29) | 94 | 65 | ||
| Cash flow hedges losses transferred to inventory | - | - | - | 13 | - | 13 | ||
| Transactions with owners: | ||||||||
| Transfer between reserves | a), b) | - | - | - | (1,029) | 1,029 | - | |
| Dividends | 9 | - | - | - | - | (217) | (217) | |
| Share-based payment | - | - | - | - | 42 | 42 | ||
| Purchase of own shares for share schemes | - | - | - | (32) | - | (32) | ||
| Shares allocated in respect of share option schemes | 12 | 17 | - | 32 | (42) | 19 | ||
| Purchase of own shares for cancellation | 12 | - | - | - | (150) | - | (150) | |
| Cancellation of own shares | (15) | - | - | 155 | (140) | - | ||
| Tax on items charged to equity | - | - | - | - | 5 | 5 | ||
| At 14 September 2024 | 675 | 1,447 | 568 | (85) | 4,008 | 6,613 | ||
| a) | The capital redemption reserve as at 3 March 2024 amounted to £680 million and was created upon the redemption of class B shares following shareholder approval at the Company's extraordinary general meeting held on 12 July 2004 to return £680 million of share capital. The final redemption date for such class B shares was 18 July 2007 with all transactions relating to the class B shares therefore completed. Following approval by the High Court registered on 31 July 2024, £680 million has been reclassified as available for distribution to shareholders in accordance with ICAEW Technical Release 02/17BL section 2.8A and as a result has been transferred to retained earnings. |
| b) | During the period, £349 million has been transferred from Financial asset reserves (within capital redemption and other reserves) to retained earnings. This amount represented the fair value gains and losses on the Group's financial asset relating to its beneficial interest in a commercial property investment pool, which was held at fair value through other comprehensive income. Given the financial asset relating to the property pool has been derecognised, there is no longer a legally separable reserve for these fair value gains and losses and therefore the amount has been transferred to retained earnings. |
| Called up share capital | Share premium account | Merger reserve | Capital redemption and other reserves | Retained earnings | Total Equity | |||
| 52 weeks to 1 March 2025 | Note | £m | £m | £m | £m | £m | £m | |
| At 3 March 2024 | 678 | 1,430 | 568 | 955 | 3,237 | 6,868 | ||
| Profit for the period | - | - | - | - | 242 | 242 | ||
| Other comprehensive income/(loss) (pre-tax) | - | - | - | 17 | (33) | (16) | ||
| Tax relating to components of other comprehensive income/(loss) | - | - | - | (4) | 8 | 4 | ||
| Total comprehensive income | - | - | - | 13 | 217 | 230 | ||
| Cash flow hedges losses transferred to inventory | - | - | - | 18 | - | 18 | ||
| Transactions with owners: | ||||||||
| Transfer between reserves | a), b), c) | - | - | (395) | (1,035) | 1,430 | - | |
| Dividends | 9 | - | - | - | - | (308) | (308) | |
| Share-based payment | - | - | - | - | 80 | 80 | ||
| Purchase of own shares for share schemes | - | - | - | (63) | - | (63) | ||
| Shares allocated in respect of share option schemes | 12 | 18 | - | 37 | (44) | 23 | ||
| Purchase of own shares for cancellation | 12 | - | - | - | (200) | - | (200) | |
| Cancellation of own shares | (21) | - | - | 221 | (200) | - | ||
| Tax on items charged to equity | - | - | - | - | 3 | 3 | ||
| At 1 March 2025 | 669 | 1,448 | 173 | (54) | 4,415 | 6,651 | ||
| a) | The capital redemption reserve as at 3 March 2024 amounted to £680 million and was created upon the redemption of class B shares following shareholder approval at the Company's extraordinary general meeting held on 12 July 2004 to return £680 million of share capital. The final redemption date for such class B shares was 18 July 2007 with all transactions relating to the class B shares therefore completed. Following approval by the High Court registered on 31 July 2024, £680 million has been reclassified as available for distribution to shareholders in accordance with ICAEW Technical Release 02/17BL section 2.8A and as a result has been transferred to retained earnings. |
| b) | During the period, £355 million has been transferred from Financial asset reserves (within capital redemption and other reserves) to retained earnings. This amount represented the fair value gains and losses on the Group's financial asset relating to its beneficial interest in a commercial property investment pool, which was held at fair value through other comprehensive income. Given the financial asset relating to the property pool has been derecognised, there is no longer a legally separable reserve for these fair value gains and losses and therefore the amount has been transferred to retained earnings. |
| c) | The merger reserve as at 3 March 2024 amounted to £568 million and was created following the issuance of 261 million shares in 2016 as part consideration for the acquisition of Home Retail Group plc. During the year, £395 million has been transferred to retained earnings and classified as available for distribution to shareholders in accordance with ICAEW Technical Release 02/17BL section 3.9 following an impairment being recognised in J Sainsbury plc over its subsidiary's investment in the acquisition holding company. The related impairment has no impact on Group results. |
| 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 (restated*) | 52 weeks to 1 March 2025 (restated*) | ||
| Note | £m | £m | £m | |
| Cash flows from operating activities | ||||
| Cash generated from operations - continuing operations | 12 | 471 | 784 | 1,760 |
| Interest paid | (185) | (188) | (359) | |
| Corporation tax paid | (21) | (19) | (53) | |
| Net cash generated from operating activities - continuing operations | 265 | 577 | 1,348 | |
| Cash flows from investing activities | ||||
| Purchase of property, plant and equipment | (361) | (296) | (617) | |
| Initial direct costs on new leases | (3) | (34) | (34) | |
| Purchase of intangible assets | (114) | (98) | (208) | |
| Proceeds from disposal of property, plant and equipment | 1 | 7 | 45 | |
| Interest received | 12 | 15 | 27 | |
| Net cash used in investing activities - continuing operations | (465) | (406) | (787) | |
| Cash flows from financing activities | ||||
| Proceeds from issuance of ordinary shares | 18 | 20 | 20 | |
| Proceeds from borrowings | - | - | 544 | |
| Repayment of borrowings | (28) | (22) | (623) | |
| Purchase of own shares for share schemes | (12) | (32) | (63) | |
| Purchase of own shares for cancellation | 12 | (158) | (136) | (200) |
| Capital repayment of lease obligations | (245) | (243) | (487) | |
| Dividends paid on ordinary shares | 9 | (223) | (217) | (308) |
| Net cash used in financing activities - continuing operations | (648) | (630) | (1,117) | |
| Net (decrease)/increase in cash and cash equivalents | ||||
| Continuing operations | (848) | (459) | (556) | |
| Discontinued operations | 7 | (638) | 59 | 1,345 |
| Total (decrease)/increase in cash and cash equivalents | (1,486) | (400) | 789 | |
| Opening cash and cash equivalents | 2,776 | 1,987 | 1,987 | |
| Closing cash and cash equivalents | 1,290 | 1,587 | 2,776 | |
| Disclosed in the balance sheet: | ||||
| Cash and cash equivalents | 11 | 1,271 | 1,591 | 2,777 |
| Overdrafts | 11 | (2) | (4) | (1) |
| Cash within assets held for sale | 7 | 21 | - | - |
| · | Taxes payable, which was previously presented on a net basis, has been re-presented to separately disclose Income taxes receivable and Income taxes payable, and to present Other taxation and social security payables within Trade and other payables. Taxes payable has been re-presented from £(141) million to £(4) million at 1 March 2025 and from £(204) million to £nil at 14 September 2024; Trade and other payables within Current liabilities has been re-presented from £(5,278) million to £(5,489) million at 1 March 2025 and from £(5,093) million to £(5,353) million at 14 September 2024; and Income taxes receivable has been re-presented from £nil to £74 million at 1 March 2025 and from £nil to £56 million at 14 September 2024. |
| · | Lease liabilities have been re-presented with £107 million of Current liabilities as at 1 March 2025 and £40 million as at 14 September 2024 reclassified as Non-current liabilities to correct the classification of certain balances. At 1 March 2025, Lease liabilities were previously £(590) million within Current liabilities and £(4,904) million within Non-current liabilities, and at 14 September 2024 Lease liabilities were previously £(520) million within Current liabilities and £(4,912) million within Non-current liabilities. |
| · | The Net retirement benefit surplus has been re-presented to separately disclose the present value of unfunded obligations of £(23) million as at 1 March 2025 and £(25) million as at 14 September 2024 as Retirement benefit deficit, as the Group does not have the right to offset these amounts. Comparative amounts have, therefore, been re-presented whereby the Net retirement benefit surplus was previously £731 million and £751 million at 1 March 2025 and 14 September 2024 respectively. |
| · | Underlying profit after tax - continuing operations has been restated from £230 million to £217 million for the 28 weeks to 14 September 2024, and from £508 million to £497 million for the 52 weeks to 1 March 2025. |
| · | Non-underlying loss after tax - continuing operations has been restated from £(56) million to £(42) million for the 28 weeks to 14 September 2024, and from £(88) million to £(87) million for the 52 weeks to 1 March 2025. |
| · | Total loss after tax - discontinued operations has been restated from £(98) million to £(99) million for the 28 weeks to 14 September 2024, and from £(178) million to £(168) million for the 52 weeks to 1 March 2025. |
| · | IFRS 18 'Presentation and disclosure in financial statements', which will become effective in the Consolidated Group Financial Statements for the financial year ending 26 February 2028, subject to UK endorsement. |
| 28 weeks to 13 September 2025 | |||||||
| Financial Services model | Retail restructuring programmes | Impairment of non-financial assets | Pensions | Other | Total | ||
| 3.1 | 3.2 | 3.3 | 3.4 | 3.5 | |||
| Continuing operations | Note | £m | £m | £m | £m | £m | £m |
| Cost of sales | - | (47) | (1) | - | (2) | (50) | |
| Administrative expenses | (2) | (10) | - | (5) | (23) | (40) | |
| Other income | - | - | - | - | 6 | 6 | |
| Affecting operating profit | (2) | (57) | (1) | (5) | (19) | (84) | |
| Net finance (costs)/income | - | (1) | - | 21 | (5) | 15 | |
| Affecting profit before tax - continuing operations | (2) | (58) | (1) | 16 | (24) | (69) | |
| Income tax credit | 6 | 17 | |||||
| Affecting profit after tax - continuing operations | (52) | ||||||
| Affecting profit after tax - discontinued operations | 7 | (20) | |||||
| Affecting profit for the financial period | (72) | ||||||
| Being: | |||||||
| Non-financial asset impairments: | |||||||
| Property, plant and equipment | - | (6) | - | - | - | (6) | |
| Right-of-use assets | - | - | (1) | - | - | (1) | |
| - | (6) | (1) | - | - | (7) | ||
| Accelerated depreciation of assets | - | (28) | - | - | (9) | (37) | |
| Employee costs | - | (1) | - | - | - | (1) | |
| Property closure provisions | - | (18) | - | - | - | (18) | |
| Non-underlying finance (costs)/income | - | (1) | - | 21 | (5) | 15 | |
| Fair value movements | - | - | - | - | (2) | (2) | |
| Other net costs | (2) | (4) | - | (5) | (8) | (19) | |
| Affecting profit before tax - continuing operations | (2) | (58) | (1) | 16 | (24) | (69) | |
| 28 weeks to 14 September 2024 (restated*) | |||||||
| Financial Services model | Retail restructuring programmes | Impairment of non-financial assets | Pensions | Other | Total | ||
| 3.1 | 3.2 | 3.3 | 3.4 | 3.5 | |||
| Continuing operations | Note | £m | £m | £m | £m | £m | £m |
| Cost of sales | - | (26) | (12) | - | 4 | (34) | |
| Administrative expenses | (10) | (10) | - | (4) | (10) | (34) | |
| Other income | - | - | - | - | 5 | 5 | |
| Affecting operating profit | (10) | (36) | (12) | (4) | (1) | (63) | |
| Net finance (costs)/income | - | (1) | - | 18 | (5) | 12 | |
| Affecting profit before tax - continuing operations | (10) | (37) | (12) | 14 | (6) | (51) | |
| Income tax credit | 6 | 9 | |||||
| Affecting profit after tax - continuing operations | (42) | ||||||
| Affecting profit after tax - discontinued operations | 7 | (99) | |||||
| Affecting profit for the financial period | (141) | ||||||
| Being: | |||||||
| Non-financial asset impairments | |||||||
| Right-of-use assets | - | - | (12) | - | - | (12) | |
| - | - | (12) | - | - | (12) | ||
| Accelerated depreciation of assets | - | (25) | - | - | (9) | (34) | |
| Employee costs | (2) | (5) | - | - | - | (7) | |
| Onerous contracts | (6) | - | - | - | - | (6) | |
| Profit on disposal of fixed assets | - | - | - | - | 5 | 5 | |
| Property closure provisions | - | (4) | - | - | - | (4) | |
| Non-underlying finance income/(costs) | - | - | - | 18 | (5) | 13 | |
| Fair value movements | - | - | - | - | 3 | 3 | |
| Other net costs | (2) | (3) | - | (4) | - | (9) | |
| Affecting profit before tax - continuing operations | (10) | (37) | (12) | 14 | (6) | (51) | |
| 52 weeks to 1 March 2025 (restated*) | |||||||
| Financial Services model | Retail restructuring programmes | Impairment of non-financial assets | Pensions | Other | Total | ||
| 3.1 | 3.2 | 3.3 | 3.4 | 3.5 | |||
| Continuing operations | Note | £m | £m | £m | £m | £m | £m |
| Cost of sales | - | (64) | (16) | - | 2 | (78) | |
| Administrative expenses | (16) | (58) | - | (8) | (17) | (99) | |
| Other income | - | (4) | - | - | 57 | 53 | |
| Affecting operating profit | (16) | (126) | (16) | (8) | 42 | (124) | |
| Net finance (costs)/income | - | (2) | - | 36 | (12) | 22 | |
| Affecting profit before tax - continuing operations | (16) | (128) | (16) | 28 | 30 | (102) | |
| Income tax credit | 6 | 15 | |||||
| Affecting profit after tax - continuing operations | (87) | ||||||
| Affecting profit after tax - discontinued operations | 7 | (168) | |||||
| Affecting profit for the financial period | (255) | ||||||
| Being: | |||||||
| Non-financial asset impairments | |||||||
| Property, plant and equipment | - | (4) | - | - | - | (4) | |
| Right-of-use assets | - | - | (16) | - | - | (16) | |
| - | (4) | (16) | - | - | (20) | ||
| Accelerated depreciation of assets | - | (42) | - | - | (17) | (59) | |
| Employee costs | (7) | (43) | - | - | - | (50) | |
| Onerous contracts | (8) | - | - | - | - | (8) | |
| Profit on disposal of fixed assets | - | - | - | - | 57 | 57 | |
| Property closure provisions | - | (12) | - | - | - | (12) | |
| Non-underlying finance income/(costs) | - | - | - | 36 | (12) | 24 | |
| Fair value movements | - | - | - | - | 2 | 2 | |
| Other net costs | (1) | (27) | - | (8) | - | (36) | |
| Affecting profit before tax - continuing operations | (16) | (128) | (16) | 28 | 30 | (102) | |
| · | Acquisition adjustments relating to the unwind of non-cash fair value adjustments arising from the Home Retail Group acquisition. |
| · | Non-underlying finance and fair value movements comprising £5 million (28 weeks ended 14 September 2024: £5 million; 52 weeks ended 1 March 2025: £12 million) of finance costs relating to lease interest on impaired non-trading sites, and £2 million loss (28 weeks ended 14 September 2024: £3 million gain; 52 weeks ended 1 March 2025: £2 million gain) within cost of sales relating to adverse (2025: favourable) movements on long-term, fixed price power purchase arrangements (PPAs) with independent producers. These are classified as derivatives which are not in a hedge relationship and owing to potentially significant fluctuations in value from external market factors are treated as non-underlying to enable consistency between periods. |
| · | Income recognised is in relation to a legal dispute whereby in the current period agreements were reached and settled in relation to a legal case involving European truck manufacturers. |
| · | Consultancy costs in relation to corporate transaction activity. |
| · | Property related transactions in the 52 weeks ended 1 March 2025 predominantly relating to the profit on completion of the disposal of land associated with the Hendon Mixed Used Development Scheme, which included the closure of the existing supermarket and the recognition of a new supermarket asset within property, plant and equipment. |
| · | Retail - Sainsbury's |
| · | Retail - Argos |
| · | Financial Services |
| · | Retail; comprising the sale of food, household, general merchandise, clothing and fuel primarily through store and online channels. |
| · | Financial Services; comprising banking and insurance services through Sainsbury's Bank and Argos Financial Services. |
| 28 weeks to 13 September 2025 | ||||
| Retail | Financial services | Group | ||
| Note | £m | £m | £m | |
| Continuing operations | ||||
| Revenue | ||||
| Grocery, General Merchandise & Clothing | 15,577 | - | 15,577 | |
| Fuel | 1,939 | - | 1,939 | |
| Interest receivable | - | 46 | 46 | |
| Fees and commission | - | 19 | 19 | |
| 17,516 | 65 | 17,581 | ||
| Underlying operating profit | 504 | 2 | 506 | |
| Underlying finance income | 12 | - | 12 | |
| Underlying finance costs | (178) | - | (178) | |
| Underlying profit before tax | 338 | 2 | 340 | |
| Non-underlying items | 3 | (69) | ||
| Profit before tax - continuing operations | 271 | |||
| Income tax expense | 6 | (86) | ||
| Profit after tax - continuing operations | 185 | |||
| Loss after tax - discontinued operations | 7 | (20) | ||
| Profit after tax - total | 165 | |||
| 28 weeks to 14 September 2024 (restated*) | |||||
| Retail | Financial services | Group | |||
| Note | £m | £m | £m | ||
| Continuing operations | |||||
| Revenue | |||||
| Grocery, General Merchandise & Clothing | 14,865 | - | 14,865 | ||
| Fuel | 2,185 | - | 2,185 | ||
| Interest receivable | - | 39 | 39 | ||
| Fees and commission | - | 18 | 18 | ||
| 17,050 | 57 | 17,107 | |||
| Underlying operating profit/(loss) | 503 | (29) | 474 | ||
| Underlying finance income | 15 | - | 15 | ||
| Underlying finance costs | (180) | - | (180) | ||
| Underlying profit/(loss) before tax | 338 | (29) | 309 | ||
| Non-underlying items | 3 | (51) | |||
| Profit before tax - continuing operations | 258 | ||||
| Income tax expense | 6 | (83) | |||
| Profit after tax - continuing operations | 175 | ||||
| Loss after tax - discontinued operations | 7 | (99) | |||
| Profit after tax - total | 76 | ||||
| 52 weeks to 1 March 2025 (restated*) | ||||
| Retail | Financial services | Group | ||
| Note | £m | £m | £m | |
| Continuing operations | ||||
| Revenue | ||||
| Grocery, General Merchandise & Clothing | 28,754 | - | 28,754 | |
| Fuel | 3,876 | - | 3,876 | |
| Interest receivable | - | 103 | 103 | |
| Fees and commission | - | 39 | 39 | |
| 32,630 | 142 | 32,772 | ||
| Underlying operating profit/(loss) | 1,036 | (22) | 1,014 | |
| Underlying finance income | 31 | - | 31 | |
| Underlying finance costs | (336) | - | (336) | |
| Underlying profit/(loss) before tax | 731 | (22) | 709 | |
| Non-underlying items | 3 | (102) | ||
| Profit before tax - continuing operations | 607 | |||
| Income tax expense | 6 | (197) | ||
| Profit after tax - continuing operations | 410 | |||
| Loss after tax - discontinued operations | 7 | (168) | ||
| Profit after tax - total | 242 | |||
| 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 | 52 weeks to 1 March 2025 | |||||||
| Underlying | Non-underlying | Total | Underlying | Non-underlying | Total | Underlying | Non-underlying | Total | |
| Continuing operations | £m | £m | £m | £m | £m | £m | £m | £m | £m |
| Finance income | |||||||||
| Interest on bank deposits and other financial assets | 11 | - | 11 | 14 | - | 14 | 29 | - | 29 |
| Finance fair value movements | - | 1 | 1 | - | - | - | - | - | - |
| IAS 19 pension financing income | - | 21 | 21 | - | 18 | 18 | - | 36 | 36 |
| Finance income on net investment in leases | 1 | - | 1 | 1 | - | 1 | 2 | - | 2 |
| 12 | 22 | 34 | 15 | 18 | 33 | 31 | 36 | 67 | |
| Finance costs | |||||||||
| Secured borrowings | (15) | - | (15) | (19) | - | (19) | (35) | - | (35) |
| Unsecured borrowings | (20) | - | (20) | (22) | - | (22) | (41) | - | (41) |
| Lease liabilities | (143) | (6) | (149) | (139) | (6) | (145) | (260) | (12) | (272) |
| Provisions - amortisation of discount | - | (1) | (1) | - | - | - | - | (2) | (2) |
| (178) | (7) | (185) | (180) | (6) | (186) | (336) | (14) | (350) | |
| 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 (restated*) | 52 weeks to 1 March 2025 (restated*) | |
| Continuing operations | £m | £m | £m |
| Current year UK tax | 50 | 42 | 120 |
| Over provision in prior years | - | - | (34) |
| Total current tax expense | 50 | 42 | 86 |
| Origination and reversal of temporary differences | 41 | 42 | 61 |
| (Over)/under provision in prior years | (5) | (1) | 54 |
| Recognition of capital losses | - | - | (4) |
| Total deferred tax expense | 36 | 41 | 111 |
| Total income tax expense | 86 | 83 | 197 |
| Analysed as: | |||
| Underlying tax | 103 | 92 | 212 |
| Non-underlying tax | (17) | (9) | (15) |
| Total income tax expense | 86 | 83 | 197 |
| Underlying tax rate | 30.3% | 29.8% | 29.9% |
| Effective tax rate | 31.7% | 32.2% | 32.5% |
| 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 (restated) | 52 weeks to 1 March 2025 (restated) | ||||||
| Note | £m | £m | £m | |||||
| Revenue | ||||||||
| Interest receivable | - | 208 | 273 | |||||
| Fees and commission income | 63 | 55 | 96 | |||||
| 63 | 263 | 369 | ||||||
| Operating costs | (68) | (216) | (317) | |||||
| Operating (loss)/profit | (5) | 47 | 52 | |||||
| Restructuring and impairment costs | (21) | (70) | (134) | |||||
| Net loss arising from disposals | 7.2 | - | (104) | (141) | ||||
| Loss before tax | (26) | (127) | (223) | |||||
| Income tax credit | 6 | 28 | 55 | |||||
| Loss after tax | (20) | (99) | (168) | |||||
| 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 | 52 weeks to 1 March 2025 | ||
| £m | £m | £m | ||
| Fair value of consideration (payable)/receivable | a) | (273) | (536) | 149 |
| Fair value of net liabilities/(assets) disposed excluding provisions | b) | 273 | 331 | (218) |
| Reversal of net provisions held against assets disposed | - | 153 | - | |
| Write down of net liabilities/loss on net assets disposed | - | (52) | (69) | |
| Costs of disposal | - | (52) | (72) | |
| Loss on disposal before tax | - | (104) | (141) | |
| Income tax credit | - | 23 | 35 | |
| Loss on disposal after tax | - | (81) | (106) |
| a) | Comprises consideration paid in relation to the Core Banking activities disposed based on pricing mechanisms set out in the sale agreement at the completion date of 1 May 2025. 28 weeks to 14 September 2024 and 52 weeks to 1 March 2025 comprises consideration payable on the Core Banking activities based on pricing mechanisms set out in the sale agreement measured at the respective reporting dates offset by £2 million related to the ATM assets. 52 weeks to 1 March 2025 includes £749 million received related to AFS cards and the debt instrument notes derecognised. |
| b) | 28 weeks to 13 September 2025: Comprises the fair value of assets and liabilities of the Core Banking portfolios at the completion date of 1 May 2025. Net liabilities were remeasured to fair value immediately prior to completion of the sale with associated fair value movements recognised within operating costs. 28 weeks to 14 September 2024 and 52 weeks to 1 March 2025 comprises the fair value of assets and liabilities of Core Banking portfolios held for sale, and ATM related assets. 52 weeks to 1 March 2025 also includes AFS cards assets disposed inclusive of £24 million of goodwill. |
| 28 weeks to 13 September 2025 | 52 weeks to 1 March 2025 | 28 weeks to 14 September 2024 | ||||
| Note | £m | £m | £m | |||
| Non-current assets classified as held for sale | ||||||
| ATM assets | - | 1 | 2 | |||
| Assets of disposal group classified as held for sale | ||||||
| Unsecured balances | - | 2,512 | 3,069 | |||
| Cash and cash equivalents | a) | 21 | - | - | ||
| Total assets of disposal group and non-current assets classified as held for sale | 14 | 21 | 2,513 | 3,071 | ||
| Liabilities of disposal group classified as held for sale | ||||||
| Customer deposits | - | (3,109) | (3,655) | |||
| Provisions for costs of disposal | - | (27) | - | |||
| Total liabilities of disposal group classified as held for sale | 14 | - | (3,136) | (3,655) | ||
| Net assets held for sale associated with discontinued operations | 21 | (623) | (584) | |||
| a) | 28 weeks to 13 September 2025: Represents the cash and cash equivalents directly attributed to the travel money operations, primarily comprising foreign currencies. |
| 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 (restated) | 52 weeks to 1 March 2025 (restated) | ||
| £m | £m | £m | ||
| Net cash flows from: | ||||
| Operating activities | (366) | 59 | 595 | |
| Investing activities | a) | (272) | - | 750 |
| (638) | 59 | 1,345 |
| a) | Net cash flows used in investing activities relate to consideration paid in respect of Core Banking activities disposed. 52 weeks to 1 March 2025: Net cash flows generated primarily relate to proceeds received from the disposal of AFS cards and cash receipts from the sale of a debt instrument that formed part consideration under the arrangement. |
| 13 September 2025 | 14 September 2024 | 1 March 2025 | ||
| million | million | million | ||
| Weighted average number of shares in issue for calculating basic earnings per share | 2,291.9 | 2,346.3 | 2,330.6 | |
| Weighted average number of dilutive share options | 37.8 | 41.6 | 43.5 | |
| Total number of shares for calculating diluted earnings per share | 2,329.7 | 2,387.9 | 2,374.1 | |
| 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 (restated*) | 52 weeks to 1 March 2025 (restated*) | ||
| £m | £m | £m | ||
| Underlying profit after tax attributable to ordinary shareholders of the parent | 237 | 217 | 497 | |
| Adjustment for non-underlying itemsafter tax | (52) | (42) | (87) | |
| Profit after tax attributable to ordinary shareholders of the parent - continuing operations | 185 | 175 | 410 | |
| Loss after tax from discontinued operations | (20) | (99) | (168) | |
| Profit after tax attributable to ordinary shareholders of the parent | 165 | 76 | 242 | |
| Pence per share | Pence per share (restated*) | Pence per share (restated*) | ||
| Basic - total | 7.2 | 3.2 | 10.4 | |
| Diluted - total | 7.1 | 3.2 | 10.2 | |
| Basic - discontinued operations | (0.9) | (4.3) | (7.2) | |
| Diluted - discontinued operations | (0.8) | (4.1) | (7.1) | |
| Basic - continuing operations | 8.1 | 7.5 | 17.6 | |
| Diluted - continuing operations | 7.9 | 7.3 | 17.3 | |
| Basic - underlying | 10.3 | 9.2 | 21.3 | |
| Diluted - underlying | 10.2 | 9.1 | 20.9 | |
| 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 | 52 weeks to 1 March 2025 | 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 | 52 weeks to 1 March 2025 | |
| pence per share | pence per share | pence per share | £m | £m | £m | |
| Amounts recognised as distributions to ordinary shareholders | ||||||
| Financial year ended 2 March 2024 | ||||||
| - Final dividend | - | 9.2 | 9.2 | - | 217 | 217 |
| Financial year ended 1 March 2025 | ||||||
| - Interim dividend | - | - | 3.9 | - | - | 91 |
| - Final dividend | 9.7 | - | - | 223 | - | - |
| 9.7 | 9.2 | 13.1 | 223 | 217 | 308 | |
| Proposed interim dividend | 4.1 | 93 | ||||
| Proposed special dividend | 11.0 | 250 |
| 13 September 2025 | 1 March 2025 (restated*) | 14 September 2024 (restated*) | |
| £m | £m | £m | |
| Measured at amortised cost | |||
| Financial assets | |||
| Cash and cash equivalents | 688 | 1,623 | 1,092 |
| Trade and other receivables | 231 | 316 | 394 |
| Amounts due from Financial Services customers and other banks | - | - | 846 |
| Financial liabilities | |||
| Trade and other payables | (4,668) | (4,560) | (4,443) |
| Borrowings | (1,092) | (1,114) | (1,180) |
| Amounts due to Financial Services customers and other deposits | (138) | (1,968) | (1,637) |
| Lease liabilities | (5,446) | (5,494) | (5,432) |
| Measured at fair value through other comprehensive income | |||
| Other financial assets | 311 | 1,369 | 1,278 |
| Cash and cash equivalents | 25 | 915 | 30 |
| Measured at fair value through profit or loss | |||
| Other financial assets | 12 | 12 | - |
| Cash and cash equivalents | 558 | 239 | 469 |
| Derivative financial instruments | (6) | 24 | (42) |
| (9,525) | (8,638) | (8,625) |
| 13 September 2025 | 1 March 2025 | 14 September 2024 | ||||||||
| Carrying amount | Fair value | Carrying amount | Fair value | Carrying amount | Fair value | |||||
| £m | £m | £m | £m | £m | £m | |||||
| Financial assets | ||||||||||
| Amounts due from Financial Services customers and banks | - | - | - | - | 846 | 828 | ||||
| Financial liabilities | ||||||||||
| Loans due 2031 | (419) | (411) | (447) | (440) | (472) | (471) | ||||
| Unsecured bonds | (553) | (555) | (550) | (552) | - | - | ||||
| Term Loan | - | - | - | - | (583) | (575) | ||||
| Tier 2 Capital | (125) | (139) | (124) | (142) | (124) | (141) | ||||
| Amounts due to Financial Services customers and other deposits | (138) | (139) | (1,968) | (1,990) | (1,637) | (1,655) | ||||
| · | Level 1 fair value measurements are derived from quoted market prices (unadjusted) in active markets for identical assets or liabilities at the balance sheet date. This level includes listed equity securities and debt instruments on public exchanges. |
| · | Level 2 fair value measurements are derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). The fair value of financial instruments is determined by discounting expected cash flows at prevailing interest rates. |
| · | Level 3 fair value measurements are derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). |
| 13 September 2025 | 1 March 2025 (restated*) | |||||||
| Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
| £m | £m | £m | £m | £m | £m | £m | £m | |
| Financial instruments at fair value through other comprehensive income | ||||||||
| Other financial assets | 99 | 212 | - | 311 | 1,189 | 180 | - | 1,369 |
| Cash and cash equivalents | 25 | - | - | 25 | 831 | 84 | - | 915 |
| Financial instruments at fair value through profit and loss | ||||||||
| Other financial assets | 12 | - | - | 12 | 12 | - | - | 12 |
| Cash and cash equivalents | 558 | - | - | 558 | 239 | - | - | 239 |
| Derivative financial assets | - | 7 | 30 | 37 | - | 21 | 29 | 50 |
| Derivative financial liabilities | - | (43) | - | (43) | - | (26) | - | (26) |
| 14 September 2024 (restated*) | ||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||
| £m | £m | £m | £m | |||||
| Financial instruments at fair value through other comprehensive income | ||||||||
| Other financial assets | 1,218 | 60 | - | 1,278 | ||||
| Cash and cash equivalents | 30 | - | - | 30 | ||||
| Financial instruments at fair value through profit and loss | ||||||||
| Cash and cash equivalents | 469 | - | - | 469 | ||||
| Derivative financial assets | - | 48 | 11 | 59 | ||||
| Derivative financial liabilities | - | (101) | - | (101) | ||||
| 13 September 2025 | 1 March 2025 | 14 September 2024 | ||
| £m | £m | £m | ||
| At beginning of financial year | 29 | 9 | 9 | |
| (Charged)/credited to income statement - cost of sales | (2) | 2 | 4 | |
| Credited/(charged) to other comprehensive income | 3 | 18 | (2) | |
| At the end of the financial period | 30 | 29 | 11 | |
| 13 September 2025 | ||
| Change in output volume +/-20.0% | Change in forward pricing +/-20.0% | |
| £m | £m | |
| Not in a hedge relationship | 2/(2) | 6/(6) |
| Designated in a cash flow hedge relationship | 4/(4) | 30/(30) |
| 13 September 2025 | 1 March 2025 | |||||
| Non-current | Current | Total | Non-current | Current | Total | |
| £m | £m | £m | £m | £m | £m | |
| Other deposits | - | (138) | (138) | (13) | (1,955) | (1,968) |
| 14 September 2024 | ||||||
| Non-current | Current | Total | ||||
| £m | £m | £m | ||||
| Other deposits | (18) | (1,619) | (1,637) | |||
| 13 September 2025 | 1 March 2025 (restated*) | 14 September 2024 (restated*) | |
| £m | £m | £m | |
| Cash in hand and bank balances | 309 | 439 | 638 |
| Money market funds | 558 | 239 | 469 |
| Short-term deposits | 55 | 141 | - |
| Other investment securities | 25 | 915 | 30 |
| Deposits at central banks | 324 | 1,043 | 454 |
| Cash and bank balances as reported in the Group balance sheet | 1,271 | 2,777 | 1,591 |
| Bank overdrafts (within current borrowings) | (2) | (1) | (4) |
| Net cash and cash equivalents as reported in the Group cash flow statement | 1,269 | 2,776 | 1,587 |
| Restricted amounts included above | |||
| For insurance purposes | 3 | 3 | 8 |
| Held within the Group's Employee Share Ownership Trust | - | - | 5 |
| 3 | 3 | 13 |
| · | Trade and other receivables: Cashflows differ from the movement in the balance sheet owing mainly to the presentation of cash flows as discontinued operations of £42 million. |
| · | Trade and other payables: Cashflows differ from the movement in the balance sheet owing mainly to reclassifications to other lines in the cash flow statement of £85 million. |
| · | Amounts due from Financial Service customers and other banks: Cashflows differ from the movement in the balance sheet owing mainly to £2,512 million transferred to assets held for sale on the balance sheet and £2,005 million cash inflows presented within discontinued operations in the cash flow statement. |
| · | Amounts due to Financial Service customers and other deposits: Cashflows differ from the movement in the balance sheet owing mainly to £3,109 million transferred to liabilities held for sale on the balance sheet and £644 million cash outflows presented within discontinued operations in the cash flow statement. |
| · | Trade and other receivables: Cashflows differ from the movement in the balance sheet owing mainly to cash inflows presented within discontinued operations in the cash flow statement. |
| · | Provisions: Cashflows differ from the movement in the balance sheet owing mainly to cash outflows presented within discontinued operations in the cash flow statement. |
| · | Amounts due from Financial Service customers and other banks: Cash flows differ from the movement in the balance sheet owing mainly to the reclassification of these amounts to Assets of disposal group and non-current assets held for sale on the Balance Sheet of £3,708 million. |
| · | Amounts due to Financial Service customers and other deposits: Cash flows differ from the movement in the balance sheet owing mainly to the reclassification of these amounts to Liabilities of disposal group held for sale on the Balance Sheet of £4,164 million. |
| 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 (restated*) | 52 weeks to 1 March 2025 (restated*) | |
| £m | £m | £m | |
| Operating profit | 422 | 411 | 890 |
| Depreciation | 567 | 557 | 1,033 |
| Amortisation | 103 | 93 | 182 |
| Net impairment loss/(reversal) on non-financial assets | 7 | (9) | 22 |
| Profit on sale of non-current assets and early termination of leases | (2) | (11) | (53) |
| Fair value movements | 2 | (3) | (2) |
| Share-based payments expense | 40 | 39 | 73 |
| Defined benefit scheme expense | 5 | 4 | 8 |
| Cash contributions to defined benefit scheme | (13) | (23) | (45) |
| Operating cash flows before changes in working capital | 1,131 | 1,058 | 2,108 |
| Changes in working capital | |||
| (Increase)/decrease in inventories | (79) | 13 | - |
| Decrease/(increase) in other financial assets | 1,056 | (499) | (603) |
| Decrease/(Increase) in trade and other receivables | 44 | (26) | 15 |
| Increase in amounts due from Financial Services customers and other banks | - | (6) | - |
| Increase in trade and other payables | 173 | 174 | 247 |
| (Decrease)/increase in amounts due to Financial Services customers and other deposits | (1,809) | 80 | - |
| Decrease in provisions | (45) | (10) | (7) |
| Cash generated from operating activities - continuing operations | 471 | 784 | 1,760 |
| Cash Movements | Non-Cash Movements | |||||
| 1 March 2025 | Cash flows excluding interest | Net interest paid | Accrued Interest | Other non-cash movements | 13 September 2025 | |
| £m | £m | £m | £m | £m | £m | |
| Retail | ||||||
| Net derivative financial instruments | (1) | - | 1 | (1) | 2 | 1 |
| Borrowings (excluding overdrafts) | (989) | 28 | 29 | (31) | (2) | (965) |
| Lease liabilities | (5,494) | 245 | 149 | (149) | (197) | (5,446) |
| Arising from financing activities | (6,484) | 273 | 179 | (181) | (197) | (6,410) |
| Cash and cash equivalents | 727 | 158 | - | - | - | 885 |
| Bank overdrafts | (1) | (1) | - | - | - | (2) |
| Retail net debt | (5,758) | 430 | 179 | (181) | (197) | (5,527) |
| Financial Services | ||||||
| Net derivative financial instruments | (2) | - | - | - | 2 | - |
| Borrowings (excluding overdrafts) | (124) | - | 6 | (6) | (1) | (125) |
| Arising from financing activities | (126) | - | 6 | (6) | 1 | (125) |
| Other financial assets at fair value through other comprehensive income | 1,369 | (1,056) | - | - | (2) | 311 |
| Cash and cash equivalents | 2,050 | (1,643) | - | - | (21) | 386 |
| Financial services net funds | 3,293 | (2,699) | 6 | (6) | (22) | 572 |
| Group | ||||||
| Net derivative financial instruments | (3) | - | 1 | (1) | 4 | 1 |
| Borrowings (excluding overdrafts) | (1,113) | 28 | 35 | (37) | (3) | (1,090) |
| Lease liabilities | (5,494) | 245 | 149 | (149) | (197) | (5,446) |
| Arising from financing activities | (6,610) | 273 | 185 | (187) | (196) | (6,535) |
| Other financial assets at fair value through other comprehensive income | 1,369 | (1,056) | - | - | (2) | 311 |
| Cash and cash equivalents | 2,777 | (1,485) | - | - | (21) | 1,271 |
| Bank overdrafts | (1) | (1) | - | - | - | (2) |
| Group net debt | (2,465) | (2,269) | 185 | (187) | (219) | (4,955) |
| Cash Movements | Non-Cash Movements | |||||
| 3 March 2024 | Cash flows excluding interest | Net interest (received)/ paid | Accrued Interest | Other non-cash movements | 1 March 2025 | |
| £m | £m | £m | £m | £m | £m | |
| Retail | ||||||
| Net derivative financial instruments | - | - | (1) | - | - | (1) |
| Borrowings (excluding overdrafts) | (1,077) | 79 | 76 | (67) | - | (989) |
| Lease liabilities | (5,354) | 487 | 272 | (272) | (627) | (5,494) |
| Purchase of own shares for cancellation | - | 200 | - | - | (200) | - |
| Arising from financing activities | (6,431) | 766 | 347 | (339) | (827) | (6,484) |
| Cash and cash equivalents | 877 | (150) | - | - | - | 727 |
| Bank overdrafts | - | (1) | - | - | - | (1) |
| Less: Purchase of own shares for cancellation | - | (200) | - | - | 200 | - |
| Retail net debt | (5,554) | 415 | 347 | (339) | (627) | (5,758) |
| Financial Services | ||||||
| Net derivative financial instruments | - | - | - | - | (2) | (2) |
| Borrowings (excluding overdrafts) | (122) | - | 12 | (12) | (2) | (124) |
| Arising from financing activities | (122) | - | 12 | (12) | (4) | (126) |
| Other financial assets at fair value through other comprehensive income | 761 | 609 | - | - | (1) | 1,369 |
| Cash and cash equivalents | 1,110 | 940 | - | - | - | 2,050 |
| Financial services net funds | 1,749 | 1,549 | 12 | (12) | (5) | 3,293 |
| Group | ||||||
| Net derivative financial instruments | - | - | (1) | - | (2) | (3) |
| Borrowings (excluding overdrafts) | (1,199) | 79 | 88 | (79) | (2) | (1,113) |
| Lease liabilities | (5,354) | 487 | 272 | (272) | (627) | (5,494) |
| Purchase of own shares for cancellation | - | 200 | - | - | (200) | - |
| Arising from financing activities | (6,553) | 766 | 359 | (351) | (831) | (6,610) |
| Other financial assets at fair value through other comprehensive income | 761 | 609 | - | - | (1) | 1,369 |
| Cash and cash equivalents | 1,987 | 790 | - | - | - | 2,777 |
| Bank overdrafts | - | (1) | - | - | - | (1) |
| Less: Purchase of own shares for cancellation | - | (200) | - | - | 200 | - |
| Group net debt | (3,805) | 1,964 | 359 | (351) | (632) | (2,465) |
| Cash Movements | Non-Cash Movements | |||||
| 3 March 2024 | Cash flows excluding interest | Net interest (received)/ paid | Accrued Interest | Other non-cash movements | 14 September 2024 | |
| £m | £m | £m | £m | £m | £m | |
| Retail | ||||||
| Net derivative financial instruments | - | - | (1) | 1 | (2) | (2) |
| Borrowings (excluding overdrafts) | (1,077) | 22 | 38 | (38) | - | (1,055) |
| Lease liabilities | (5,354) | 243 | 145 | (145) | (321) | (5,432) |
| Purchase of own shares for cancellation | - | 136 | - | - | (150) | (14) |
| Arising from financing activities | (6,431) | 401 | 182 | (182) | (473) | (6,503) |
| Cash and cash equivalents | 877 | 32 | - | - | - | 909 |
| Bank overdrafts | - | (4) | - | - | - | (4) |
| Less: Purchase of own shares for cancellation | - | (136) | - | - | 150 | 14 |
| Retail net debt | (5,554) | 293 | 182 | (182) | (323) | (5,584) |
| Financial Services | ||||||
| Net derivative financial instruments | - | - | - | - | 1 | 1 |
| Borrowings (excluding overdrafts) | (122) | - | 6 | (6) | (2) | (124) |
| Arising from financing activities | (122) | - | 6 | (6) | (1) | (123) |
| Other financial assets at fair value through other comprehensive income | 761 | 505 | - | - | - | 1,266 |
| Cash and cash equivalents | 1,110 | (428) | - | - | - | 682 |
| Financial services net funds | 1,749 | 77 | 6 | (6) | (1) | 1,825 |
| Group | ||||||
| Net derivative financial instruments | - | - | (1) | 1 | (1) | (1) |
| Borrowings (excluding overdrafts) | (1,199) | 22 | 44 | (44) | (2) | (1,179) |
| Lease liabilities | (5,354) | 243 | 145 | (145) | (321) | (5,432) |
| Purchase of own shares for cancellation | - | 136 | - | - | (150) | (14) |
| Arising from financing activities | (6,553) | 401 | 188 | (188) | (474) | (6,626) |
| Other financial assets at fair value through other comprehensive income | 761 | 505 | - | - | - | 1,266 |
| Cash and cash equivalents | 1,987 | (396) | - | - | - | 1,591 |
| Bank overdrafts | - | (4) | - | - | - | (4) |
| Less: Purchase of own shares for cancellation | - | (136) | - | - | 150 | 14 |
| Group net debt | (3,805) | 370 | 188 | (188) | (324) | (3,759) |
| 13 September 2025 | 1 March 2025 | 14 September 2024 | |
| £m | £m | £m | |
| Included in the Group statement of changes in equity | (158) | (200) | (150) |
| Outstanding amount recognised as financial liabilities | - | - | 14 |
| Included in the Group cash flow statement | (158) | (200) | (136) |
| 13 September 2025 | 1 March 2025 | |||||
| Current | Non-current | Total | Current | Non-current | Total | |
| £m | £m | £m | £m | £m | £m | |
| Loan due 2031 | 70 | 349 | 419 | 64 | 383 | 447 |
| Unsecured bonds | 4 | 549 | 553 | 3 | 547 | 550 |
| Bank overdrafts | 2 | - | 2 | 1 | - | 1 |
| Sainsbury's Bank Tier 2 Capital | 6 | 119 | 125 | 6 | 118 | 124 |
| 82 | 1,017 | 1,099 | 74 | 1,048 | 1,122 | |
| Transaction costs | (2) | (5) | (7) | (2) | (6) | (8) |
| 80 | 1,012 | 1,092 | 72 | 1,042 | 1,114 | |
| 14 September 2024 | |||||||
| Current | Non-current | Total | |||||
| £m | £m | £m | |||||
| Loan due 2031 | 58 | 414 | 472 | ||||
| Term loan | 8 | 575 | 583 | ||||
| Bank overdrafts | 4 | - | 4 | ||||
| Sainsbury's Bank Tier 2 Capital | 6 | 118 | 124 | ||||
| 76 | 1,107 | 1,183 | |||||
| Transaction costs | (1) | (2) | (3) | ||||
| 75 | 1,105 | 1,180 | |||||
| 28 weeks to 13 September 2025 | 52 weeks to 1 March 2025 | 28 weeks to 14 September 2024 | |
| £m | £m | £m | |
| Opening balance | 2,527 | 10 | 10 |
| Classified as held for sale in the period | 27 | 2,521 | 3,078 |
| No longer classified as held for sale | (12) | - | - |
| Sold in the period | (2,514) | (4) | (2) |
| Closing balance | 28 | 2,527 | 3,086 |
| Of which | |||
| Assets of disposal group held for sale | 21 | 2,512 | 3,069 |
| Non-current assets classified as held for sale | 7 | 15 | 17 |
| 28 | 2,527 | 3,086 |
| 28 weeks to 13 September 2025 | 52 weeks to 1 March 2025 | 28 weeks to 14 September 2024 | |
| £m | £m | £m | |
| Opening balance | (3,136) | - | - |
| Classified as held for sale in the period | - | (3,136) | (3,655) |
| Sold in the period | 3,136 | - | - |
| Closing balance | - | (3,136) | (3,655) |
| 13 September 2025 | 1 March 2025 | |||||
| Sainsbury's | Argos | Group | Sainsbury's | Argos | Group | |
| £m | £m | £m | £m | £m | £m | |
| Present value of funded obligations | (4,628) | (723) | (5,351) | (4,820) | (755) | (5,575) |
| Fair value of plan assets | 5,172 | 869 | 6,041 | 5,418 | 911 | 6,329 |
| Net funded pension plan asset | 544 | 146 | 690 | 598 | 156 | 754 |
| Present value of unfunded obligations | (12) | (10) | (22) | (13) | (10) | (23) |
| Net retirement benefit surplus | 532 | 136 | 668 | 585 | 146 | 731 |
| Analysed in the Group balance sheet: | ||||||
| Retirement benefit surplus | 544 | 146 | 690 | 598 | 156 | 754 |
| Retirement benefit deficit | (12) | (10) | (22) | (13) | (10) | (23) |
| Net retirement benefit surplus | 532 | 136 | 668 | 585 | 146 | 731 |
| 14 September 2024 | ||||||
| Sainsbury's | Argos | Group | ||||
| £m | £m | £m | ||||
| Present value of funded obligations | (5,270) | (836) | (6,106) | |||
| Fair value of plan assets | 5,912 | 970 | 6,882 | |||
| Net funded pension plan asset | 642 | 134 | 776 | |||
| Present value of unfunded obligations | (14) | (11) | (25) | |||
| Net retirement benefit surplus | 628 | 123 | 751 | |||
| Analysed in the Group balance sheet: | ||||||
| Retirement benefit surplus | 642 | 134 | 776 | |||
| Retirement benefit deficit | (14) | (11) | (25) | |||
| Net retirement benefit surplus | 628 | 123 | 751 | |||
| 28 weeks to 13 September 2025 | 52 weeks to 1 March 2025 | 28 weeks to 14 September 2024 | |
| £m | £m | £m | |
| At the beginning of the financial period | 731 | 690 | 690 |
| Net interest income | 21 | 36 | 18 |
| Remeasurement (losses)/gains | (93) | (33) | 24 |
| Pension scheme expenses | (5) | (8) | (4) |
| Contributions by employer | 13 | 45 | 23 |
| Benefits paid | 1 | 1 | - |
| At the end of the period | 668 | 731 | 751 |
| 13 September 2025 | 1 March 2025 | 14 September 2024 | |||||
| % | % | % | |||||
| Discount rate | 5.85 | 5.45 | 4.80 | ||||
| Inflation rate - RPI | 3.00 | 3.15 | 3.10 | ||||
| Inflation rate - CPI | 2.40 | 2.55 | 2.50 | ||||
| Future pension increases | 1.90 - 2.85 | 1.95 - 2.95 | 1.90 - 2.90 |
| £m | £m | |||
| Financial sensitivities | ||||
| Discount rate | +/- 0.1% | (68) | 69 | |
| Discount rate | +/- 1.0% | (627) | 760 | |
| Inflation rate | +/- 0.1% | 48 | (37) | |
| Inflation rate | +/- 1.0% | 419 | (391) | |
| Inflation rate for future pension increases | +/- 0.1% | 30 | (18) | |
| Inflation rate for future pension increases | +/- 1.0% | 221 | (221) | |
| Life expectancy | +/- 1 year | 152 | (158) |
| 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 (restated*) | |
| Retail like-for-like (exc. Fuel, exc. VAT) | 4.5% | 3.5% |
| Underlying net new space impact | 0.3% | (0.2)% |
| Retail sales growth (exc. Fuel, exc. VAT) | 4.8% | 3.3% |
| Fuel impact | (2.1)% | (1.0)% |
| Total retail sales growth (inc. Fuel, exc. VAT) | 2.7% | 2.3% |
| 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 | 52 weeks to 1 March 2025 | ||
| Note | £m | £m | £m | |
| Retail underlying operating profit | 4 | 504 | 503 | 1,036 |
| Retail sales | 4 | 17,516 | 17,050 | 32,630 |
| Retail underlying operating margin | 2.88% | 2.95% | 3.17% |
| 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 | 52 weeks to 1 March 2025 | ||
| Note | £m | £m | £m | |
| Retail underlying operating profit | 4 | 504 | 503 | 1,036 |
| Add: Retail underlying depreciation and amortisation | A2.1 | 632 | 616 | 1,156 |
| Retail underlying EBITDA | 1,136 | 1,119 | 2,192 | |
| Retail sales | 4 | 17,516 | 17,050 | 32,630 |
| Retail underlying EBITDA margin | 6.49% | 6.56% | 6.72% |
| 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 (restated*) | |||||||||||
| Retail | Financial Services | Group | Retail | Financial Services | Group | |||||||
| £m | £m | £m | £m | £m | £m | |||||||
| Operating profit/(loss) - continuing | 423 | (1) | 422 | 436 | (25) | 411 | ||||||
| Depreciation and amortisation | - Underlying | 632 | - | 632 | 616 | - | 616 | |||||
| - Non-underlying | 38 | - | 38 | 34 | - | 34 | ||||||
| 670 | - | 670 | 650 | - | 650 | |||||||
| Net impairment loss/(reversal) on non-financial assets | - Underlying | b) | - | - | - | - | (21) | (21) | ||||
| - Non-underlying | 7 | - | 7 | 12 | - | 12 | ||||||
| 7 | - | 7 | 12 | (21) | (9) | |||||||
| Profit on sale of non-current assets and early termination of leases | - Underlying | b) | (2) | - | (2) | (4) | - | (4) | ||||
| - Non-underlying | - | - | - | (7) | - | (7) | ||||||
| (2) | - | (2) | (11) | - | (11) | |||||||
| Fair value movements | - Underlying | - | - | - | - | - | - | |||||
| - Non-underlying | 2 | - | 2 | (4) | 1 | (3) | ||||||
| 2 | - | 2 | (4) | 1 | (3) | |||||||
| Share-based payments expense | - Underlying | b) | 35 | 2 | 37 | 36 | 3 | 39 | ||||
| - Non-underlying | 3 | - | 3 | - | - | - | ||||||
| 38 | 2 | 40 | 36 | 3 | 39 | |||||||
| Defined benefit scheme expenses | - Non-underlying | 5 | - | 5 | 4 | - | 4 | |||||
| Cash contributions to defined benefit scheme | (13) | - | (13) | (23) | - | (23) | ||||||
| Operating cash flows before changes in working capital | 1,130 | 1 | 1,131 | 1,100 | (42) | 1,058 | ||||||
| Movements in working capital | - Underlying | 141 | (769) | (628) | 179 | (453) | (274) | |||||
| - Non-underlying | (35) | 3 | (32) | (1) | 1 | - | ||||||
| 106 | (766) | (660) | 178 | (452) | (274) | |||||||
| Cash generated from operations - continuing | a) | 1,236 | (765) | 471 | 1,278 | (494) | 784 | |||||
| Interest paid | a) | (179) | (6) | (185) | (182) | (6) | (188) | |||||
| Corporation tax paid | a) | (37) | 16 | (21) | (22) | 3 | (19) | |||||
| 1,020 | (755) | 265 | 1,074 | (497) | 577 | |||||||
| Cash flows from investing activities - continuing | ||||||||||||
| Purchase of property, plant and equipment | a) | (361) | - | (361) | (296) | - | (296) | |||||
| Purchase of intangible assets | a) | (114) | - | (114) | (98) | - | (98) | |||||
| Capital expenditure | (475) | - | (475) | (394) | - | (394) | ||||||
| Initial direct costs on new leases | a) | (3) | - | (3) | (34) | - | (34) | |||||
| Proceeds from disposal of property, plant and equipment | a) | 1 | - | 1 | 7 | - | 7 | |||||
| Interest received | a) | 12 | - | 12 | 15 | - | 15 | |||||
| (465) | - | (465) | (406) | - | (406) | |||||||
| Cash flows from financing activities - continuing | ||||||||||||
| Proceeds from issuance of ordinary shares | 18 | - | 18 | 20 | - | 20 | ||||||
| Purchase of own shares for share schemes | (12) | - | (12) | (32) | - | (32) | ||||||
| Other share related transactions | 6 | - | 6 | (12) | - | (12) | ||||||
| Purchase of own shares for cancellation | (158) | - | (158) | (136) | - | (136) | ||||||
| Repayment of borrowings | (28) | - | (28) | (22) | - | (22) | ||||||
| Capital repayment of lease obligations | a) | (245) | - | (245) | (243) | - | (243) | |||||
| Dividends paid on ordinary shares | (223) | - | (223) | (217) | - | (217) | ||||||
| (648) | - | (648) | (630) | - | (630) | |||||||
| Intragroup dividend | 300 | (300) | - | - | - | - | ||||||
| Net increase/(decrease) in cash and cash equivalents - continuing | 207 | (1,055) | (848) | 38 | (497) | (459) | ||||||
| Net (decrease)/increase in cash and cash equivalents - discontinued operations | (50) | (588) | (638) | (10) | 69 | 59 | ||||||
| 157 | (1,643) | (1,486) | 28 | (428) | (400) | |||||||
| 52 weeks to 1 March 2025 (restated*) | ||||||
| Retail | Financial Services | Group | ||||
| £m | £m | £m | ||||
| Operating profit - continuing | 822 | 68 | 890 | |||
| Depreciation and amortisation | - Underlying | 1,156 | - | 1,156 | ||
| - Non-underlying | 59 | - | 59 | |||
| 1,215 | - | 1,215 | ||||
| Net impairment loss on non-financial assets | - Underlying | b) | 2 | - | 2 | |
| - Non-underlying | 20 | - | 20 | |||
| 22 | - | 22 | ||||
| Profit on sale of non-current assets and early termination of leases | - Underlying | b) | (6) | - | (6) | |
| - Non-underlying | (47) | - | (47) | |||
| (53) | - | (53) | ||||
| Fair value movements | - Non-underlying | (2) | - | (2) | ||
| Share-based payments expense | - Underlying | b) | 71 | 2 | 73 | |
| Defined benefit scheme expenses | - Non-underlying | 8 | - | 8 | ||
| Cash contributions to defined benefit scheme | (45) | - | (45) | |||
| Operating cash flows before changes in working capital | 2,038 | 70 | 2,108 | |||
| Movements in working capital | - Underlying | 98 | (461) | (363) | ||
| - Non-underlying | 105 | (90) | 15 | |||
| 203 | (551) | (348) | ||||
| Cash generated from operations - continuing | a) | 2,241 | (481) | 1,760 | ||
| Interest paid | a) | (347) | (12) | (359) | ||
| Corporation tax paid | a) | (89) | 36 | (53) | ||
| 1,805 | (457) | 1,348 | ||||
| Cash flows from investing activities - continuing | ||||||
| Purchase of property, plant and equipment | a) | (617) | - | (617) | ||
| Purchase of intangible assets | a) | (208) | - | (208) | ||
| Capital expenditure | (825) | - | (825) | |||
| Initial direct costs on new leases | a) | (34) | - | (34) | ||
| Proceeds from disposal of property, plant and equipment | a) | 45 | - | 45 | ||
| Interest received | a) | 27 | - | 27 | ||
| (787) | - | (787) | ||||
| Cash flows from financing activities - continuing | ||||||
| Proceeds from issuance of ordinary shares | 20 | - | 20 | |||
| Purchase of own shares for share schemes | (63) | - | (63) | |||
| Other share related transactions | (43) | - | (43) | |||
| Purchase of own shares for cancellation | (200) | - | (200) | |||
| Proceeds from borrowings | 544 | - | 544 | |||
| Repayment of borrowings | (623) | - | (623) | |||
| Net repayment of borrowings | (79) | - | (79) | |||
| Capital repayment of lease obligations | a) | (487) | - | (487) | ||
| Dividends paid on ordinary shares | (308) | - | (308) | |||
| (1,117) | - | (1,117) | ||||
| Net decrease in cash and cash equivalents - continuing | (99) | (457) | (556) | |||
| Net (decrease)/increase in cash and cash equivalents - discontinued operations | (52) | 1,397 | 1,345 | |||
| (151) | 940 | 789 | ||||
| 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 | 52 weeks to 1 March 2025 | ||
| £m | £m | £m | ||
| Cash contribution to defined benefit scheme | (13) | (23) | (45) | |
| Non-underlying cash movements | ||||
| Retail restructuring programmes | (55) | (29) | (71) | |
| Other | (6) | - | - | |
| Operating cash flows | (61) | (29) | (71) | |
| Effect on retail cash generated from operations | (74) | (52) | (116) |
| 28 weeks to 13 September 2025 | 28 weeks to 14 September 2024 | 52 weeks to 1 March 2025 | |||
| £m | £m | £m | |||
| Retail free cash flow | a) | 310 | 425 | 531 | |
| Share based payments and other | b) | 33 | 32 | 67 |
| 52 weeks to 13 September 2025 | 52 weeks to 14 September 2024 | 52 weeks to 1 March 2025 | ||
| Note | £m | £m | £m | |
| Retail net debt | 12 | 5,527 | 5,584 | 5,758 |
| Group underlying EBITDA | 2,218 | 2,163 | 2,222 | |
| Net debt/underlying EBITDA | 2.5x | 2.6x | 2.6x |
| 52 weeks to 13 September 2025 | 52 weeks to 14 September 2024 | 52 weeks to 1 March 2025 | ||
| Note | £m | £m | £m | |
| Return (Group underlying operating profit) | 1,046 | 1,019 | 1,066 | |
| Group net assets | Balance sheet | 6,393 | 6,613 | 6,651 |
| Less: Net retirementbenefit surplus | 15 | (668) | (751) | (731) |
| Deferred tax on pension surplus | 199 | 253 | 218 | |
| Less: Retail net debt | 12 | 5,527 | 5,584 | 5,758 |
| Effect of in-year averaging | 169 | 262 | (42) | |
| Capital employed | 11,620 | 11,961 | 11,854 | |
| Return on capital employed | 9.0% | 8.5% | 9.0% |
| 52 weeks to 13 September 2025 | 52 weeks to 14 September 2024 | 52 weeks to 1 March 2025 | |
| £m | £m | £m | |
| Group underlying operating profit | 1,046 | 1,019 | 1,066 |
| Add: Underlying depreciation and amortisation expense | 1,172 | 1,144 | 1,156 |
| Group underlying EBITDA | 2,218 | 2,163 | 2,222 |
| Repayment of capital element of lease obligations | (489) | (496) | (487) |
| Underlying finance income | 28 | 33 | 31 |
| Underlying finance costs | (334) | (333) | (336) |
| Fixed charges | (795) | (796) | (792) |
| Fixed charge cover | 2.8x | 2.7x | 2.8x |