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.

More in this section

Budget 2022 Logo

What impact will this  year's budget have on you and your business.

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
Puzzles logo
IE-logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day. PS ... We would love to hear your feedback on the section right HERE.

Lunchtime
News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Revoiced
Newsletter

Our Covid-free newsletter brings together some of the best bits from irishexaminer.com, as chosen by our editor, direct to your inbox every Monday.

Sign up