Sainsbury’s recovers lost ground in the store wars
Sainsbury’s has reported a 12% rise in annual profits to £267m from £238m a year ago in the 12 months to 25th March, evidence of its continuing resurgence amongst UK shoppers.
Like-for-like sales, excluding petrol, rose by 3.7% and total sales at the company were up 5.7% to £17bn, rises that were significantly above the City’s expectations.
“We have made good progress during the year and we are on track in our Making Sainsbury’s Great Again plan,” said chief executive Justin King. “The performance endorses our belief that Sainsbury’s is delivering a better and more consistent offering these days.
“We have attracted an extra 1.5 million customers in the past year, although the market remains challenging for all retailers for the foreseeable future.”