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May 11, 2011    

Sainsbury’s profits up on record customer numbers

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by Kay Murchie

Supermarket giant Sainsbury’s has today posted annual profits of £665 million – up 9% on the year.

Meanwhile, sales in the 12 months to 19 March were up 7% to £22.9 billion.

The grocer, which is the UK’s third largest, said its staff will share a £60 million bonus pool and will create 6,000 new jobs.

Furthermore, the group said customer numbers reached a record high with 21 million transactions every week – up 1 million on a year earlier.

Meanwhile, its 377 local convenience stores smashed through the £1 billion sales barrier for the first time and the group plans to open up to two convenience stores a week across the UK in the 12 months.

Its online grocery delivery business grew by 20%, while Sainsbury’s Bank posted an increase of 50% in operating profits.

However, despite the positive figures, the grocer’s chief executive, Justin King, remains cautious about the economic environment but said the supermarket will continue to perform well.

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