Sainsbury’s reports 17% profits jump

UK supermarket Sainsbury’s today posted a better than expected 17% hike in annual profits as 127,000 staff shared a record bonus pot of more than £80m (€94m).

The UK’s third biggest grocer posted underlying pre-tax profits of £610m (€717.12m) for the year to March 20, ahead of the £600m (€705.4m) expected by the City.

Chief executive Justin King said staff had been rewarded for a “good performance in difficult trading times” but warned of further challenges ahead with consumers “under pressure”.