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Monday 17th of January 2011
November 10, 2010    

Sainsbury’s half-year profits in line with expectations

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by Kay Murchie

Supermarket giant Sainsbury’s has today reported pre-tax profits grew 8% to £332 million in the 28 weeks to 2 October - in line with expectations of £334 million.

Sales were also up 7% to £11.94 billion, while like-for-like sales rose by 2%. The group said strong growth emerged from homewares and clothing.

The supermarket, which is the UK’s third largest has 537 supermarkets and 335 convenience stores and has a workforce of 150,000.

Meanwhile, the group said its share of the market has grown from 15.9% to 16.2%. Furthermore, it is now the UK’s 10th largest clothing retailer, while its banking division is seeing a rise a customer numbers.

However, like other retailers, Sainsbury’s said it expects the second half to be challenging.

Tough austerity measures, introduced by the Government, will see massive spending cuts and tax hikes, and this is likely to hamper consumer spending.

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