J Sainsbury PLC (LSE:SBRY) said it is beating competitors in the ongoing price war as inflation continues to hit customers' pockets.
According to a statement, it continues to inflate behind the market which is leading to an improvement in prices.
As a result, it has "outperformed key competitors on both a one and two-year basis," according to chief executive Simon Roberts.
The retailer also boasted that it is scoring ahead of rivals such as Asda and Tesco in both its supermarket and online business for customer satisfaction.
Earlier, Sainsbury's issued a profit warning for the upcoming year as the cost-of-living crisis puts a squeeze on household spending.
Underlying profit for the year ahead is expected to fall somewhere between £630mln and £690mln, down on the £730mln reported for the year ending 5 March 2022.
Despite starting the year in a “good position financially,” the FTSE 100 retailer expects the next 12 months to be impacted by external pressures and uncertainties, such as higher operating costs, cost of living pressures and inflation.
War in Ukraine has exacerbated matters, although Roberts said it is “working to manage the supply chain impacts,”
"We have a clear long-term focus on keeping prices low and we remain committed to helping everyone eat better, whatever the external environment may bring,” Roberts added.
Retail cash flow is also expected to be lower for the year at £500mln, down on a three-year average of £633mln.
For the year to end-March 2022, underlying profit was double the year before at £730mln, and 25% higher than the last pre-pandemic period.
Grocery sales remained flat compared to the previous 12 months as Covid demand remained elevated, with retail sales including fuel up 3.4%.
Sainsbury’s also reported a final dividend of 13.1p up 24%.
Unilever reported a similar story, adding that it will be raising its prices by 8% as it warns inflation will continue to accelerate.
Shares in Sainsbury's were down 2.43% to 233p in morning trading.