| 09 May 2012 |
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Sainsbury's Reports A 'Good Year' |
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In what has been described as a ‘good year’ supermarket group Sainsbury's has reported an increase in sales and market share but a small dip in profits.
Pre-tax profit for the year to 17 March fell to £799m, down from the £827m the company made a year earlier, however, underlying profit rose by 7% to £712m, slightly higher than analysts had expected.
Total sales were up 6.8% to £24.5bn.
The company said market share had hit 16.6%, its highest for almost a decade.
The boost in sales has been attributed to strong growth in the chain's own-labelled products, particularly its basics and Taste the Difference ranges.
As a result, Sainsbury's said it would increase its dividend from 15.1 pence to 16.1p.
"[We have] continued to deliver good sales and profit performance, and to increase [our] share of the market," the company said.
(H/GK)
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