UK supermarket operator Sainsbury’s has recorded a “strong performance” in its latest half-year results, with like-for-like sales growth up by 5.7 per cent compared with the same period a year ago.
In its interim results for the 28 weeks to 3 October 2009, the retailer registered an increase in total sales of 3.7 per cent to £11.2bn (€12.5bn) up from £10.7bn (€11.9bn).
Underlying profit before tax also rose by 18.5 per cent from £259m (€288m) to £307m (€342m), Sainsbury’s said in a statement.
The retailer’s chairman, David Tyler, said that Sainsbury’s was “responding well to the current economic environment” by delivering a “strong performance”, adding that the group had a significant opportunity for continued long-term growth.
Sainsbury’s chief executive, Justin King, said in the statement that the retailer’s strategy was now well established and had enabled it to “compete successfully through challenging economic conditions”.
“Tight control on operating costs is enabling further investment in the customer offer and, together with our good sales performance, has delivered further strong profit growth,” he said.
Mr King said that the time was now right to accelerate the group’s growth plans, explaining that it had raised £432m (€482) in June to fund faster growth in its store network and to support its £2bn (€2.2bn) capital expenditure programme in the two years to 2011.
“We’re on track to grow gross space by 15 per cent over this time and we see potential for growth for many years to come,” he added.
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