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J Sainsbury PLC - London-based supermarket chain - Begins share buyback programme of up to £200 million to be completed by the end of its financial year on March 1, 2025. Says the first tranche will be for a maximum of £150 million in shares, ending on or before November 1. Sainsbury’s confirmed on Thursday it would begin the programme, first announced in February, when it announced its annual results. Revenue rose 3.8% to £32.70 billion in the financial year that ended March 2 from £35.16 billion in financial 2023. The increase in revenue was offset by cost of sales rising 3.1% to £30.3 million from £29.4 million and administrative expenses rising 27% to £1.9 million from £1.5 million. Pretax profit fell by 15% to £277 million from £327 million. Despite the falling bottom-line, Sainsbury’s declared a final dividend of 9.2 pence, taking its full-year total dividend to an unchanged 13.1p compared to a year earlier. Current stock price: 259.20 pence, up 1.0% in London on Friday 12-month change: down 8.7% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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