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08/05/2013
Sainsbury's Post Fall In Profits
Sainsbury's has recorded a fall in its pre-tax profits for the year to 16 March, despite an increase in sales.
In a letter to its shareholders, the supermarket added that conditions would likely "remain challenging" for the year ahead.
For the year, profits dropped by 1.4% to £788m, while sales – including fuel – increased by 4.5% to £23.3bn.
It also confirmed an agreement with Lloyds Banking Group to take full control of Sainsbury's Bank. This will cost the chain £248m.
In the report, around half of the supermarket's sales growth came from online and smaller convenience stores, with general merchandise and clothing growing at more than twice the rate of food over the year.
Underlying profits, which ignore the impact of property sales, beat analysts' forecasts with a jump of 6.2% to £756m.
Sainsbury's, whose shares have risen 24% in the last 12 months, is the country's third-largest supermarket after Tesco and Asda.
Chief Executive for Sainsbury's, Justin King, said the firm's performance was "good".
He added: "With 33 consecutive quarters of like-for-like sales growth our market share is at its highest level for a decade and we are outperforming our major competitors.
"Our clear and proven long-term strategy continues to drive good sales and profit growth."
(JP/CD)
In a letter to its shareholders, the supermarket added that conditions would likely "remain challenging" for the year ahead.
For the year, profits dropped by 1.4% to £788m, while sales – including fuel – increased by 4.5% to £23.3bn.
It also confirmed an agreement with Lloyds Banking Group to take full control of Sainsbury's Bank. This will cost the chain £248m.
In the report, around half of the supermarket's sales growth came from online and smaller convenience stores, with general merchandise and clothing growing at more than twice the rate of food over the year.
Underlying profits, which ignore the impact of property sales, beat analysts' forecasts with a jump of 6.2% to £756m.
Sainsbury's, whose shares have risen 24% in the last 12 months, is the country's third-largest supermarket after Tesco and Asda.
Chief Executive for Sainsbury's, Justin King, said the firm's performance was "good".
He added: "With 33 consecutive quarters of like-for-like sales growth our market share is at its highest level for a decade and we are outperforming our major competitors.
"Our clear and proven long-term strategy continues to drive good sales and profit growth."
(JP/CD)
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