The UK’s biggest food and drink retailers are holding up well despite the economic climate.
According to The Grocer’s first-ever ranking of the UK’s Top 100 grocery retailers, topped by Tesco, sales rose 5% last year to £166bn. Pre-tax profits also rose 5% to £7.9bn, leaving profit margins static at 4.8%.
The findings show grocery remains ahead of the overall retail market. This week, the BRC revealed total retail sales rose just 1.6% year-on-year in August - the lowest growth since November last year.
The Top 100, which is ranked by turnover, also found that although seven companies reported a loss, and 39 reported a fall in profits, as many as 23 notched up double-digit sales hikes.
Strong performers included discounter B&M Retail, which saw its sales rise 32.4% last year to more than £712m, and fellow discounter Poundland, with a 21.6% hike in turnover to £780m.