Bosses at J Sainsbury have defended themselves against accusations of "profiteering" declaring they are not "rip-off retailers."
The food retailer also backed increased pay packages for its senior executives at its annual general meeting in London, despite the continued cost-of-living crisis.
It comes two days after the UK’s second largest chain reported a 9.8% jump in sales for the latest quarter and highlighted that food inflation is “starting to fall”.
At the retailer’s AGM on Thursday, the supermarket group’s chairman Martin Scicluna defended the industry.
“To be very, very clear, we are not profiteering and we are not rip-off retailers,” he said.
“We make 3p on every pound we sell. If we offered you something for £1, and I said I made 3p on that product, I don’t think you would call us a rip-off merchant or a profiteer, but some MPs have.”
On Monday, the Competition and Markets Authority also said it had found that drivers paid nearly £1 billion more for fuel at supermarkets last year due to increased margins.
Scicluna also defended pay awards to chief executive Simon Roberts and other top executives.
“What we are trying to do is focusing on rewards for Simon, the operating board, senior leadership and colleagues. That’s why our colleague pay has gone up 44% over the past four years."
Shareholders sided with the firm with all resolutions being passed at the meeting.