The UK’s number-three supermarket chain Sainsbury's has delivered a strong set of half-year results.
Pre-tax profit was up 20 per cent, to £232 million in the 28 weeks to October 6 (£194m in the same period a year ago). Like-for-like sales were up four per cent excluding fuel, and total sales rose 4.7 per cent to £9.998 billion.
"These results demonstrate our continued ability to grow the business. Sales growth has remained ahead of the market," Sainsbury's said.
Sainsbury’s has now achieved £2.3bn towards a £2.5bn sales growth target set in place by chief executive Justin King in 2004, as part of his objective to Make Sainsbury’s Great Again. New rolling targets are set at £3.5bn sales growth between March 2007 and 2010, driven by 30 new supermarket openings, 75 extensions and 190 refurbishments.
King said Sainsbury’s is confident of continuing its form through a busy Christmas, with prices positioned to remain competitive during the cash-strapped festivities.
The figures represent a timely boost after Qatari-backed investment fund, Delta Two last week abandoned its takeover bid for Sainsbury’s, a deal that looked odds-on through most of the half-year period and caused shares to plummet on its collapse.
