UK supermarket J Sainsbury is looking to boost the number of new stores it opens in an effort to maintain growth rates.

The company has over GBP100m (US$189m) earmarked for investment in land and new stores.

The plans were outlined by Sainsbury chief executive Justin King as he unveiled strong full year profit growth.

King said he wanted to see Sainsbury’s growth in new sites at around 4% to 5% a year. The current portfolio of sites has the potential to expand space by about 1% a year.

King added that the company was being held back by its lack of properties. The company currently has around 750 outlets.

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By GlobalData