Sainsbury’s this morning (14 November) reported an increase in half-year profits, a period in which the UK retailer said it had “outperformed” its competitors.
Pre-tax profits were up 2.5% to GBP405m in the 28 weeks to 29 September. Revenue grew 4% to GBP12.16bn, excluding VAT and including fuel.
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Sainsbury’s said its like-for-like sales, excluding sales at the pumps but including VAT, were up 1.7%.
The retailer said its share of the UK grocery market had reached 16.7%, its highest level for “nearly a decade”.
“We continue to succeed by remaining focused on delivering quality products, best-in-class service and value for our customers, without compromise,” chief executive Justin King said. The Sainsbury’s chief said the retailer’s Brand Match price comparison scheme, its Nectar loyalty programme and its practice of offering money-off coupons at till “reinforce our price competiveness”.
Shares in Sainsbury’s were down 1.58% at 341.7p at 08:41 GMT. The retailer’s shares are up over 12% in the last 12 months, partly driven by speculation the Qatari Investment Authority, its largest shareholder, could again consider bidding for the business.
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By GlobalDataClick here for a flavour of how retail analysts view Sainsbury’s H1 results, read chief executive Justin King touting the retailer’s own-label lines here and and, on our blog pages, chairman David Tyler insists the company wants “good long-term relationships” with branded suppliers.
