Sainsbury's announce good set of profits

Supermarket chain Sainsbury's has announced a strong sales and profit performance for the past year, with significant growth potential for the future.

A financial summary for the 52 weeks to 21 March 2009 showed that total sales, including VAT, were up 5.7% to £20.3m compared to £19.2m in 2008, with profit before tax of £466m.

Chairman Philip Hampton said: “This is another good set of results for Sainsbury’s with continuing growth in sales and tight cost control leading to further improvements in profit. Sainsbury’s is a robust business with a strong financial position.”

Sainsbury's said it has now seen four years of consecutive like-for-like sales growth, while online food sales are now annualising at over £500m.

Justin King, Sainsbury's chief executive, added: “Our universal customer appeal and continued investment in price and quality have been fundamental to our growth, catering for a range of changing customer needs and trends. Over the past 12 months, consumers have become increasingly ‘savvy’ and have responded to rises in the cost of living by making significant changes to the mix of products they buy.”

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