Sainsbury’s has reported strong growth, with underlying profits reaching £488 million in the year to 22 March, marking a 28 per cent rise on the year-earlier period.
Like-for-like sales, excluding fuel, rose 3.9 per cent.
Sainsbury’s has said the results mark the culmination of a recovery plan that was embarked upon in 2004.
Achieving the turnaround targets “has provided a firm base for ongoing sales profit growth and new space development”, said Sainsbury’s.
Chief executive Justin King said: “However, as we said throughout the second half of 2007-08, consumer budgets are clearly under pressure, and we expect the market to remain intensely competitive.”
The retailer is also gearing up to expand its non-food and banking operations.
