Sainsbury's has returned a 12 per cent increase its in annual profits, ahead of market expectations.
The UK’s third largest supermarket chain made an underlying pre-tax profit of £267 million in the 12 months to March 25, up from £238m last year. Total sales were boosted by 5.7 per cent to £17 billion.
Sainsbury's sales have now risen for five consecutive quarters. Analysts had predicted a hike in annual profits of around 11 per cent and chief executive Justin King hailed more positive steps in his grand turnaround plan.
"We have made good progress during the year and we are on track in our Making Sainsbury's Great Again plan," he said. "Our sales for the year were ahead of our plans.
"The sales performance endorses our belief in the Sainsbury's brand and shows that we are delivering a better and more consistent offer."
Sainsbury’s claims to have attracted an additional 1.5m customers during the year.
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