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May 11, 2011

UK: Sainsbury’s posts full-year profit jump

Sainsbury's today (11 May) reported a jump in full-year profits as the company saw record numbers of customers in its stores.

Sainsbury’s today (11 May) reported a jump in full-year profits as the company saw record numbers of customers in its stores.

The UK grocer said it “outperformed the market”, recording a 9.4% increase in net profit to GBP640m (US$1bn) for the year ended 19 March.

Chief executive Justin King said customer numbers were at an all-time high of 21m transactions, up 1m on last year, which he attributed to “a clear indication of our growing universal customer appeal across all channels”.

Total sales, including VAT, were up 7.1% to GBP22.9bn, while excluding VAT and fuel, sales were up 4.9% to GBP665m. Like-for-like sales including VAT, but excluding fuel, were up 2.3%.

King warned that the economic environment is set to remain “uncertain” over the year, but added that he remains confident that its strategy will enable the business to make “further good progress”.

Shares in the retailer were down 0.11% to 355.4p a share at 9:17 BST today.

Click here for Sainsbury’s full earnings statement.

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