Sainsbury's report 28% rise in profits

Supermarket chain Sainsbury's reported underlying pre-tax profits of £488m (€613m) for the year to March 22, up 28.4% on the year before.

Supermarket chain Sainsbury's reported underlying pre-tax profits of £488m (€613m) for the year to March 22, up 28.4% on the year before.

City estimates for the retailer’s underlying pre-tax profits to March this year were £485m (€609m) and crown a three-year turnaround project .

They should help set the seal on the “Making Sainsbury’s Great Again” revamp launched by chief executive Justin King in 2005.

His revival strategy has delivered £2.7bn (€3.39bn) of sales growth since it was rolled out, compared with original hopes for a £2.5bn (€3.14bn) improvement.

Sainsbury’s has proved a particularly strong performer over recent months despite a slowdown in consumer spending amid the economic uncertainty.

In March, the group unveiled a 4.1% hike in fourth quarter like-for-like sales with a full-year comparative sales lift by 3.9%.

It beat industry leader Tesco’s full year growth of 3.5% and signalled that Sainsbury’s was reclaiming the ground lost to competitors in recent years.

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