Pre-tax profits surge 12.8% at Sainsbury’s
Sainsbury’s, the supermarket group, this morning reported a 12.8% rise in pre-tax profits to £827m.
The retailer said that total sales for the year to 19 March rose 7.1% to £23bn, with non-food sales also showing a good performance.
The UK’s third-largest supermarket chain - whose market share for the year rose from 16.1% to 16.3% - has been increasing the amount of floor space in order to stock more non-food items.
Chief executive Justin King said customer numbers were at an all-time high of 21 million transactions a week - up one million on the previous year.
But he warned that the economic environment remained “uncertain”.
During the year Sainsbur’s said that it had opened six new food colleges to train over 10,000 staff members each year. It also reported that it had successfully re-launched its ‘Taste the Difference’ brand. to the tune of £1bn.
The largest ever investment in own-label was now underway with review of 6,500 ‘by Sainsbury’s’ products, added the company.