Sainsbury’s reports 9% rise in profits

Published on: 13th November 2013

Sainsbury’s has reported a half-year pre-tax profit of £433m, up 9.1% from the same period in 2012.Sainsburys300

The supermarket said the results were strong considering the “tough trading environment”. Like-for-like sales, which strip out the impact of new stores, were up 1.4% excluding fuel. Sainsbury’s has now overtaken Asda and moved into the number two spot for the largest supermarket in the UK, second to Tesco.

Chief executive Justin King said the firm’s share of the grocery market was at its highest for a decade, after 35 consecutive quarters of like-for-like sales growth.

The retailer still has a long way to go to catch Tesco in terms of sales, with Mr King commenting that customers still had less money to spend after the recession.

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