Sainsbury’s profits soar 17%

Sainsbury’s has reported a 17% increase in profits to £610m for the year ending 20 March.

Total sales rose 5.1% to £21.4bn while like for like sales, which exclude new stores were up 4.3%.

The supermarket says it now serves 19 million customers and has added 1 million this year. The chain serves 5 million more customers than it did five years ago.

Sainsbury’s chairman David Tyler says profits and sales growth is a result of the supermarket’s focus on growing space and developing its non-food offer, which is now growing at three times the rate of its food business.

The chain opened 38 new supermarkets and 51 convenience stores during the year and plans to open more in the coming 12 months.

Justin King, Sainsbury’s chief executive says: “Sainsbury’s has outperformed because we continue to lead on providing healthy, fresh and tasty food with universal appeal.

The latest Kantar Worldpanel supermarket share figures show that Sainsbury’s continues to grow ahead of the market and holds a 16.4% share. Despite positive sales and profit growth, in March the supermarket posted its slowest quarterly sales growth in five years.

Shares in Sainsbury’s were up 2.71% this morning at time of press.

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