Britain’s third largest supermarket chain, Sainsbury’s reported an increase of 28% in profits from last year, but still warned that the market remains ‘intensely competitive’ and that consumer budgets are under pressure.
The figures are in line with City expectations and are the culmination of a three year recovery programme which set a target of increasing sales by£2.5bn. The supermarket group have exceeded that figure by 0.2bn.
Chief Executive Justin King was justifiably pleased with the results, saying that Sainsburys was now “a much better business able to compete and grow in this challenging environment.” He also stands to make £6.5million in bonuses, which would put a smile on anyone’s face.
The group plans to expand further next year with plans afoot for an online non food business, with a significant investment involved including spending £15million in this current year.
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