Sainsbury’s sales and profits soar

Sainsbury’s has reported sales growth of 3.7% to £11.16m in the first half, as customer numbers grow.

Like for like sales, which exclude new store sales, during the 28 weeks to 3 October grew 5.7% and the supermarket says the strong performance is a result of tight cost control, growth in non-food and online and increasing customer numbers.

Pre-tax profit at the supermarket chain was up 32.6% to £342m.

Justin King, Sainsbury’s CEO expects the economic environment to remain challenging but is confident that the supermarket is “well positioned to perform in this environment.”

Sainsbury’s says it is accelerating its growth plans and intends to increase space by 15% in the next two years.

The supermarket is launching a double-barrelled advertising assault on consumers this Christmas, pushing its Nectar card loyalty scheme in a campaign which breaks on Friday (13 November).

Sainsbury’s is also launching a Christmas campaign starring celebrity chef, Jamie Oliver that breaks tomorrow (12 November).

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