UK supermarket J Sainsbury plc has announced a sharp fall in profit for the year ended 26 March 2005, but said its recovery plan was on track.
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Profit before tax was £15m (US$27.5m), compared with £610m the year before. Group turnover was £16.573bn compared with £18.239bn in the previous year. Sales in Sainsbury’s Supermarkets for the year increased by 5.1% to £16.076bn.
“Our plans to rebuild Sainbury’s are based on stretching targets, but we believe that these can be delivered,” said chairman Philip Hampton. “Justin King has been successful in recruiting outstanding retailers to enhance his executive team, while the board has been strengthened with the addition of two highly qualified non-executive directors.”
“We will be proposing a new employee share plan to shareholders at the AGM in July specifically designed to incentivise over 1,000 senior managers to deliver the sales-led recovery programme announced earlier in the year,” he said. “While it is pleasing to be able to report that our sales performance improved towards the end of the year, these are early days and there is much to be done to deliver our plans in a tough and competitive UK retail market. By continuing to focus resources on customer facing initiatives, we are all totally committed to making Sainsbury’s great again.”
“The past year has seen significant change for Sainsbury’s,” said chief executive Justin King. “We are on track but still in the very early stages of a long term recovery programme. We are committed to running a business that constantly improves the shopping experience for our customers and this is at the heart of all our plans and activities as we grow our sales.”
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