Half-year profits at UK retailer Sainsbury’s have jumped by almost 38% thanks in part to property disposals but also to rising sales.

Net profit grew 37.7% to GBP347m (US$554.8m) over the first half to 2 October, Sainsbury’s said this morning (10 November).

Underlying profit before tax, excluding the impact of property disposals, was up 8.1% to GBP332m. as the company drove space growth and served record numbers of customers.

Chief executive Justin King said: “Customer numbers are now at an all-time high of over 20 million transactions every week, which is up one million on last year, a clear indication of our growing universal customer appeal.”

For the half, sales grew 7% to GBP11.9bn. Excluding VAT and fuel, sales were up 4.8%. Like-for-like sales, excluding VAT and fuel were up 2%.

Shares in Sainsbury’s were down 1.6% at 371.3p at 10:18 GMT this morning.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Click here for Sainsbury’s full earnings statement. Check back later for further insight into the retailers results.

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now