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%.
See Also:
Shares in Sainsbury’s were down 1.6% at 371.3p at 10:18 GMT this morning.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataClick here for Sainsbury’s full earnings statement. Check back later for further insight into the retailers results.