Sainsbury posts €554m in profits

Supermarket giant Sainsbury’s said today that its three-year recovery was ahead of plan as it reported underlying annual profits up 42% to £380m (€554.9m).

The UK’s third largest supermarket group is to share out a record £56m (€81m) bonus pot for staff after delivering the full-year profits haul and its ninth consecutive quarter of like-for-like sales growth.

Sainsbury’s, which fought off a private equity takeover approach earlier this year, has also set itself new targets for the next three years, with aims to generate £3.5bn (€5.1bn) of sales growth.