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29/05/2002
Sainsbury's reveal a change in profit fortunes
UK supermarket group, Sainsbury's has said its recovery plan is working after revealing a change in its fortunes following two years of falling profits.
In the 12 months to March, pre-tax profits, before one-off items were up 14% at £627 million.
The Group's two-year slide in profits was a result of a vigorous cost-cutting drive and its best sales growth in a decade at its British grocery stores.
Sales at its stores open for at least one year rose by 6.3% for the 12 months to the end of March, excluding petrol sales.
However, the company said that sales growth had slowed in the past couple of months, because of the rapid progress it made this time last year when the recovery programme began to take effect.
Despite this, the company said it was on track to meet its financial targets for the year.
(MB)
In the 12 months to March, pre-tax profits, before one-off items were up 14% at £627 million.
The Group's two-year slide in profits was a result of a vigorous cost-cutting drive and its best sales growth in a decade at its British grocery stores.
Sales at its stores open for at least one year rose by 6.3% for the 12 months to the end of March, excluding petrol sales.
However, the company said that sales growth had slowed in the past couple of months, because of the rapid progress it made this time last year when the recovery programme began to take effect.
Despite this, the company said it was on track to meet its financial targets for the year.
(MB)
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