Sainsbury’s H1 profit up
Supermarket giant, J Sainsbury, has today posted a rise in half year sales, while quarterly sales came in at the top end of forecasts.
The company, which is the UK’s third largest supermarket, said profits were boosted by online shopping and demand for premium and non-food products.
However, like many other retailers, Sainsbury’s said conditions are expected to remain difficult, as a result of the Coalition Government’s spending cuts, which will see a hike in taxes.
Meanwhile, second-quarter sales at stores open for more than a year grew by 2.9% excluding fuel – this is higher than the 1.2% rise reported by Tesco yesterday.
The company, which has more than 500 supermarkets and 300 convenience stores, is currently in the midst of its expansion plan which will see it add new stores, while expanding a number of its existing outlets.
Sainsbury’s chief executive, Justin King, said the company had delivered “another strong performance.”