Sainsbury's sees 6.2% rise in underlying pre-tax profits to £756m
Supermarket chain Sainsbury's has posted a 6.2 per cent increase in underlying pre-tax profits of £756m for its year-end preliminary results.
Guided through its 'Live Well for Less' strategy, Sainsbury's saw total sales grow by 4.6 per cent to £25,632m including VAT, while making £100m cost savings during that 12-month period and increasing market share to 16.8 per cent.
The company also claimed that its own-brand sales were out-performing the market and and growing faster than branded products, with the re-launch of Sainsbury's own range now complete.
In February the company also reached the £1bn mark in annual sales for general merchandise while annual grocery sales also almost hit the £1bn mark and convenience store sales exceeded £1.5bn.
Justin King, CEO for Sainsbury's said: "Our focus on helping our customers Live Well For Less is delivering good growth in sales and profit. Our key points of difference, such as the best quality own-brand, Nectar, Brand Match, coupon-at-till and industry leading service, are recognised by our customers.
"We continue to invest in offering customers choices of how they shop with us, bringing our food, clothing and general merchandise to more customers," he continued.
"Our decision to take full ownership of Sainsbury's Bank will add further momentum to our strategy of developing complementary channels for the benefit of both customers and shareholders.
"Whilst we see no near term change in the current economic situation, we remain confident that by continuing to invest in our long-standing strategy and by understanding and helping our customers, we are well positioned for future growth," King concluded.
Sainsbury's recently denied reports that King was set to leave the supermarket chain.