Menu
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)
Related UK National News Stories
Click here for the latest headlines.
09 May 2012
Sainsbury's Reports A 'Good Year'
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.
Sainsbury's Reports A 'Good Year'
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.
19 October 2004
Customer service at heart of Sainsbury's 'sales-led' strategy
In an attempt to turnaround its profits slide, troubled retailer Sainsbury's has unveiled a new "sales-led" strategy which will see an extra 3,000 floor staff recruited and £400 million pumped into customer services over the next three years.
Customer service at heart of Sainsbury's 'sales-led' strategy
In an attempt to turnaround its profits slide, troubled retailer Sainsbury's has unveiled a new "sales-led" strategy which will see an extra 3,000 floor staff recruited and £400 million pumped into customer services over the next three years.
16 June 2005
ONS reports retail sales ‘restrained’
The latest three-monthly growth in retail sales volume was the highest since November 2004, the Office of National Statistics has reported. However, the report warned that the underlying trend appeared “restrained” and annual growth in sales volume fell to the lowest level for six years.
ONS reports retail sales ‘restrained’
The latest three-monthly growth in retail sales volume was the highest since November 2004, the Office of National Statistics has reported. However, the report warned that the underlying trend appeared “restrained” and annual growth in sales volume fell to the lowest level for six years.
20 May 2015
Rise In Profits For Marks & Spencer
Marks and Spencer has reported a rise in its full-year profits. The retailer said it had made "good progress" during the year, with its underlying profit before tax increasing to 6.1% to £661.2m for the year to 28 March.
Rise In Profits For Marks & Spencer
Marks and Spencer has reported a rise in its full-year profits. The retailer said it had made "good progress" during the year, with its underlying profit before tax increasing to 6.1% to £661.2m for the year to 28 March.
17 February 2005
Quarterly sales flat in 'uncertain' consumer outlook
The latest figures for retail sales in the UK show that in the three months to January the seasonally adjusted index for retail sales remained flat and though the overall sales trend is on a par with the previous three months, the outlook remains uncertain.
Quarterly sales flat in 'uncertain' consumer outlook
The latest figures for retail sales in the UK show that in the three months to January the seasonally adjusted index for retail sales remained flat and though the overall sales trend is on a par with the previous three months, the outlook remains uncertain.
-
Northern Ireland WeatherThis Evening and Tonight:Showers gradually die out to leave good clear spells in the evening and overnight. This will allow a few fog patches to develop in places. A cold night with some ground frost. Minimum temperature 2 °C.
