Britain's Sainsbury's warns of profit fall in current year

British supermarket group Sainsbury's followed rivals in warning of lower profit for the current year due to soaring inflation, taking the shine off a more than doubling in profit for its 2021-22 year.

Sainsbury's, Britain's second largest grocer after Tesco , said on Thursday its underlying profit before tax in 2022-23 was expected to be between 630 million pounds and 690 million pounds ($789-$864 million).

The group made underlying profit before tax of 730 million pounds in the year to March 5 2022 and analysts on average had been expecting 703 million pounds for 2022-23. ($1 = 0.7988 pounds)