UK: Sainsbury's sales, profits "outperform" market
- FY pre-tax profit up 17.5%
- LFL sales up 4.3%
- Continued space expansion
Sainsbury's sales, profits surge
UK supermarket group Sainsbury's today (13 May) insisted that its full-year sales and profits have "outperformed" the market, as the group increased store space and drove operational efficiencies.
Sainsbury's said that profits were boosted by productivity savings during the period, with underlying pre-tax profit rising 17.5% to GBP671m. After tax profits increased 8.9%, the company added.
Total sales, excluding fuel, rose by 6.7%, with like-for-like sales gaining 4.3% in the 12 months to 20 March.
During the period, the retailer opened 51 new convenience stores and 38 new supermarkets.
Sainsbury's said that it also focused on expanding its online sales, which roes by 20%, and growing non-food revenues, which increased three-times faster than food sales.
Nevertheless, CEO Justin King insisted that the company remained focused on its core food offering.
"Sainsbury's has outperformed because we continue to lead on providing healthy, fresh and tasty food with universal appeal,” he commented.
“Whilst we expect that the environment will remain challenging and consumer spending will be under pressure, we believe our strong space growth plans, supporting our expanding food, complementary non-food and convenience store businesses, alongside our continued focus on productivity, will enable the business to make further good progress.”
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