Sainsbury’s has reported a slight dent in annual profits but increases in sales and market share in what it described as a “good year” on Wednesday.
The UK’s number-three retailer posted annual profit for the year to 17 March at the higher end of City expectations as its Basics range, Brand Match pricing promotion, convenience format and internet shopping all struck chords with recession-hit shoppers.
Chief executive Justin King said: “While the wider economic situation remains uncertain, we remain confident that our clear strategy, market insight and strong values will enable us to make further progress both in our core food and non-food businesses, as well as new channels and services in the year ahead.”
Pre-tax profit and one-off items rose seven per cent to £712 million for the 12-month period and sales rose by 6.8 per cent to £24.5bn.
